President Bola Tinubu has dismissed the board of the Nigerian National Petroleum Company (NNPC) Limited, including its Group Chief Executive Officer, Mele Kyari, and Board Chairman, Pius Akinyelure.
The decision, which takes effect from April 2, 2025, was announced in a statement by presidential spokesperson Bayo Onanuga. According to the statement, the move aims to enhance operational efficiency, restore investor confidence, and strengthen NNPC’s commercial viability.
Invoking his authority under Section 59(2) of the Petroleum Industry Act (PIA) 2021, President Tinubu has reconstituted the board with new leadership tasked with repositioning the state-owned oil company to align with global best practices.
Kyari, first appointed as NNPC CEO by former President Muhammadu Buhari and reappointed by Tinubu in 2023, will be replaced by Bayo Ojulari. Ahmadu Musa Kida takes over as the new non-executive chairman, replacing Akinyelure, while Adedapo Segun has been named the company’s chief financial officer (CFO).
Additionally, six non-executive directors have been appointed, representing each geopolitical zone:
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North-West: Bello Rabiu
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North-East: Yusuf Usman
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North-Central: Babs Omotowa (former managing director of the Nigerian Liquefied Natural Gas)
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South-South: Austin Avuru
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South-West: David Ige
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South-East: Henry Obih
Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, and Aminu Said Ahmed of the Ministry of Petroleum Resources will also serve as representatives on the new board.
“This restructuring is aimed at repositioning NNPC Limited for greater productivity and efficiency in line with global best practices. We are taking bold steps to transform the company into a more commercially driven and transparent entity,” the statement read.
The newly appointed board has been directed to implement a strategic action plan, which includes a review of NNPC-operated and joint venture assets to maximize value. The changes take effect immediately.
