By Ibrahim Kegbegbe
In a sweeping shake-up of Nigeria’s oil sector, President Bola Ahmed Tinubu has dismissed Mele Kyari as the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, along with Board Chairman Pius Akinyelure and other board members.
The decision, announced by presidential spokesperson Bayo Onanuga on Wednesday morning via X (formerly Twitter), marks a significant restructuring of the country’s state-owned oil company.
“President Tinubu removed all other board members appointed with Akinyelure and Kyari in November 2023,” Onanuga stated.
New Leadership at NNPC
To replace Kyari, President Tinubu appointed Engineer Bashir Bayo Ojulari as the new GCEO, while Ahmadu Musa Kida assumes the role of non-executive chairman. The president also approved an 11-member board tasked with steering the NNPC towards improved efficiency and transparency.
Among the new board members is Adedapo Segun, who replaced Umaru Isa Ajiya as Chief Financial Officer last November. The remaining appointees are non-executive directors representing the country’s six geopolitical zones:
Bello Rabiu (North West)
Yusuf Usman (North East)
Babs Omotowa (North Central, former NLNG MD)
Austin Avuru (South-South)
David Ige (South West)
Henry Obih (South East)
Additionally, Mrs. Lydia Shehu Jafiya, the Permanent Secretary of the Federal Ministry of Finance, will represent the ministry on the board, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
All appointments take effect immediately as of April 2, 2025.
Rationale Behind the Shake-up
President Tinubu invoked the powers granted under Section 59, subsection 2 of the Petroleum Industry Act, 2021, to effect the changes. According to the presidency, the restructuring aims to enhance operational efficiency, restore investor confidence, boost local content, drive economic growth, and advance gas commercialization and diversification.
“The president is determined to ensure that the NNPC operates in line with global best practices and maximizes value for Nigerians,” Onanuga noted in the statement.
Furthermore, Tinubu has directed the new board to conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to align them with national objectives and optimize revenue generation.
Implications of Kyari’s Removal
Kyari, who was first appointed as NNPC chief by former President Muhammadu Buhari in 2019, had been at the center of major reforms in Nigeria’s oil sector, including the transition of NNPC into a commercial entity under the Petroleum Industry Act (PIA). His reappointment by Tinubu in 2023 initially signaled continuity in the oil giant’s leadership. However, this unexpected shake-up suggests a shift in strategy by the Tinubu administration.
Industry experts believe the restructuring signals Tinubu’s commitment to enforcing transparency and efficiency in Nigeria’s oil sector, which has long been plagued by corruption and inefficiencies.
“This decision underscores the president’s resolve to reposition the NNPC for greater accountability and profitability,” said energy analyst Dolapo Oni.
As the newly appointed leadership assumes office, the oil industry and Nigerians alike will be watching closely to see how the changes impact the sector and the economy at large.
