President Tinubu Swears In New NNPC Board

President Bola Tinubu, on May 22, inaugurated the newly appointed board and executive management of the Nigerian National Petroleum Company Limited (NNPC). The swearing-in ceremony occurred at the Aso Rock Villa in Abuja following their appointments on April 2.

President Tinubu inaugurated Ahmadu Kida, the board’s Non-Executive Chairman, and Bashir Ojulari, the NNPCL Group Chief Executive Officer.

The newly constituted 11-member board includes representatives from Nigeria’s six geopolitical zones and officials from key federal ministries.

Key government representatives in attendance were Heineken Lokpobiri, Minister of State for Petroleum (Gas); Mohammed Idris, Minister of Information and National Orientation; and Wale Edun, Minister of Finance and Coordinating Minister of the Economy. 

New Leadership at NNPC

Bashir Bayo Ojulari, appointed as the Group Chief Executive Officer (GCEO), will lead the new NNPC board. Mr Ojulari possesses over two decades of experience in the oil and gas industry. He served as the Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo) from 2015 to 2021.

Before his appointment as NNPCL GCEO, he was the Executive Vice-President and Chief Operating Officer at Renaissance African Energy Company. Renaissance Africa is a consortium of five companies that bought Shell’s onshore assets in Nigeria for $2.4 billion.

Before being appointed the Non-Executive Chairman of the board, Ahmadu Musa Kida was a seasoned executive with a background in the oil industry. In 1985, he joined Total Exploration & Production Nigeria, where he worked for over 30 years. He ascended to prominent roles, including the Deputy Managing Director of the Deepwater District in Lagos in 2015. His expertise led him to serve as an Independent Non-Executive Director at various oil and gas companies, including TotalEnergies Nigeria.

Composition of the 11-Member Board Appointed by President Tinubu

Apart from Bashir Bayo Ojulari and Ahmadu Musa Kida, the other nine (9) board members include:

• Adedapo Segun: NNPCL’s Chief Financial Officer
• Bello Rabi: Represents the North West.
• Yusuf Usman: Represent the North East.
• Babs Omotowa: Represents the North Central. He was the former Managing Director of Nigeria Liquefied Natural Gas (NLNG)
• Austin Avuru: Co-founder and former CEO of Seplat Petroleum Development Company. He represents the South-South.
• David Ige: Represents the South-West.
• Henry Obih: Represents the South-East.
• Lydia Shehu Jafiya: Permanent Secretary of the Federal Ministry of Finance. She represents the Ministry of Finance on the board.
• Aminu Said Ahmed: Represents the Ministry of Petroleum Resources on the board.

Former NNPC Board Members

• Chief Pius Akinyelure: Non-Executive Board Chairman
• Mallam Mele Kolo Kyari: Group Chief Executive Officer
• Alhaji Umar Isa Ajiya: Chief Financial Officer
• Ledum Mitee: Non-Executive Director
• Musa Tumsa: Non-Executive Director
• Ghali Muhammad: Non-Executive Director
• Prof. Mustapha Aliyu: Non-Executive Director
• David Ogbodo: Non-Executive Director
• Eunice Thomas: Non-Executive Director
• Okokon Ekanem Udo: Permanent Secretary, Federal Ministry of Finance
• Gabriel Aduda: Permanent Secretary, Federal Ministry of Petroleum Resources

NNPC’s Strategic Mandate and Expectations

President Tinubu outlined key ambitious targets for the new board to accomplish by 2030 during the inauguration ceremony.

The plan is to boost crude oil production to over 2 million barrels per day by 2027 and 3 million barrels per day by 2030.

To reduce its reliance on imported petroleum products, NNPC plans to expand its domestic refining capacity to 200,000 bpd by 2027 and to 500,000 bpd by 2030. ​

On the gas front, the aim is to boost gas production to 10 billion cubic feet (BCF) per day by 2027 and 12 BCF per day by 2030.

In terms of pipelines, Ojulari would advance gas infrastructure projects. These include the OB-3 and AKK gas pipelines to boost domestic gas usage. He is also expected to advocate for regional gas pipeline projects, such as the Nigeria-Morocco Gas Pipeline, to enhance Nigeria’s gas export capacity.

Future Outlook

President Tinubu inaugurated the new NNPC board after he dissolved the previous board, which was headed by Mele Kyari (former GCEO) and Pius Akinyelure (Non-Executive Chairman).

Former President, Muhammadu Buhari, appointed Melee Kyari as the GCEO in June 2019. Although Mr Kyari oversaw the company’s transition into a limited liability entity in 2022, his tenure was marred by declining oil production amid rampant crude theft and pipeline vandalism.

Therefore, the new NNPC board is expected to spearhead critical objectives. One key objective is to attract $30 billion in investments by 2027 and $60 billion by 2030.

In addition, the new board will perform a “strategic portfolio review” of NNPC’s operated and non-operated assets. The planned reviews come as NNPC prepares for a planned initial public offering within 12–15 months.

Another key objective of the new NNPC board is to complete all gas infrastructure projects. Key gas pipeline projects include the Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline, the Nigeria–Morocco Gas Pipeline, the Nigeria LNG Train 7 Expansion, the OB3 Pipeline, the Brass Methanol and Gas Hub Project, the UTM Offshore Floating LNG Project, and others.