President Bola Ahmed Tinubu has overhauled the Nigerian National Petroleum Company (NNPC) Limited board, removing Chairman Chief Pius Akinyelure and Group Chief Executive Officer Mallam Mele Kolo Kyari.

 

Ahmadu Musa Kida, a seasoned oil industry executive and former basketballer, has been appointed as the new board chairman, while Engineer Bashir Bayo Ojulari takes over as the Group CEO.

 

The reconstituted 11-man board, effective April 2, includes representatives from Nigeria’s geopolitical zones, the Ministry of Finance, and the Ministry of Petroleum Resources. Tinubu, invoking the Petroleum Industry Act, emphasized the shake-up is aimed at boosting efficiency, attracting investments, and increasing oil and gas production.

 

The administration targets $30 billion in oil sector investments by 2027, with ambitious plans to raise oil output to three million barrels per day and gas production to 10 billion cubic feet daily by 2030. The new board has been tasked with conducting a strategic portfolio review of NNPC’s assets to ensure maximum value.