President Bola Tinubu has appointed Engineer Bashir Bayo Ojulari as the new Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited, replacing Mele Kyari.
Presidential spokesperson Bayo Onanuga announced the sweeping changes in a statement on Tuesday, revealing that Tinubu also dismissed NNPC Board Chairman Pius Akinyelure and appointed Ahmadu Musa Kida in his place. The president further dissolved the entire board appointed alongside Akinyelure and Kyari in November 2023.
The restructured 11-member board includes new leadership at key positions, with Adedapo Segun retained as Chief Financial Officer. Other appointments include six non-executive directors representing Nigeria’s geopolitical zones, along with representatives from the Federal Ministry of Finance and the Ministry of Petroleum Resources. The appointments take effect from April 2, 2025.
Exercising his authority under Section 59(2) of the Petroleum Industry Act (PIA) 2021, Tinubu stressed that the board overhaul aims to improve operational efficiency, attract investors, boost local content, and advance gas commercialization. He also tasked the new board with conducting a strategic review of NNPC’s assets and partnerships to maximize value.
Onanuga highlighted that since 2023, the Tinubu administration has driven oil sector reforms, attracting $17 billion in new investments, with a goal to increase this to $30 billion by 2027 and $60 billion by 2030. The administration also aims to ramp up oil production to two million barrels per day by 2027 and three million by 2030, while increasing gas output to 10 billion cubic feet per day by the same year. Additionally, NNPC’s refining capacity is expected to reach 500,000 barrels per day by 2030.
With these bold reforms, Tinubu aims to position NNPC as a global energy powerhouse, attracting international partnerships while boosting Nigeria’s economic growth and energy security.
