President Bola Tinubu’s decision to dismiss Mele Kyari and other board members of the Nigerian National Petroleum Company Limited (NNPCL) stems from growing concerns regarding performance and an inability to meet key production targets, according to officials from the Presidency.
In a sudden move on Wednesday, Tinubu removed Kyari, who had led the national oil company since 2019, as part of a broader restructuring initiative aimed at increasing Nigeria’s crude and gas output.
“President Tinubu dismissed all other board members appointed alongside Pius Akinyelure and Kyari in November 2023,” Bayo Onanuga, the President’s Special Adviser on Information and Strategy, stated in a release early Wednesday morning.
As a result, Bashir Ojulari was appointed as the new Group Chief Executive Officer (CEO), effective April 2, 2025.
The newly formed 11-member board will include Ojulari as the Group CEO and Musa Ahmadu-Kida as the non-executive chairman, the statement confirmed.
Sources within the Presidency familiar with the situation indicated that the reshuffle was performance-based. They argued that the former leadership had become ineffective, with some members contributing more to the challenges than to potential solutions.
One anonymous official commented, “This decision was driven by the need for change in performance. The previous leadership had become stagnant and, in some cases, part of the problem. The President required new leadership to bring fresh energy into the system. The new appointees are industry professionals with deep expertise, and for the first time, the leadership is entirely composed of technocrats, not politicians.”
Another source emphasized that President Tinubu believed the appointment of new personnel was crucial for stimulating production growth. “It’s not about age; the NNPCL operates as a limited liability company and is not governed by civil service regulations. The President’s priority is to have fresh minds capable of implementing new strategies. He has clear performance metrics, including increasing crude production. He expects an immediate review of all production blocks to identify underperforming assets and optimize them. By 2030, we aim for a production rate of 3 million barrels per day, with a stabilization target of 2 million barrels per day by 2027. Additionally, gas production should reach 10 billion cubic meters by 2030.”
The official further noted that the previous leadership’s performance had failed to meet Nigeria’s OPEC quota, which had remained largely unchanged since 1973. The restructuring is seen as critical to addressing these long-standing challenges.
Adedapo Segun, who replaced Umaru Isa Ajiya as the Chief Financial Officer in November 2023, is also a member of the new board. Six members represent the country's geopolitical zones: Bello Rabiu (North West), Yusuf Usman (North East), Babs Omotowa (North Central), Austin Avuru (South-South), David Ige (South West), and Henry Obih (South East).
Onanuga confirmed that Mrs. Lydia Jafiya, Permanent Secretary of the Ministry of Finance, would represent the Ministry on the new board, while Aminu Said Ahmed would represent the Ministry of Petroleum Resources.
“The appointments are effective from today, April 2,” Onanuga added.
The President has outlined an immediate action plan for the new board, including a strategic review of NNPCL-operated and Joint Venture assets to ensure they align with value maximization objectives.
While the NNPCL reported $17 billion in new investments in the sector last year, the government aims to increase this figure to $30 billion by 2027 and $60 billion by 2030. Additionally, President Tinubu expects the new board to increase NNPC’s refining output to 200,000 barrels per day by 2027 and reach 500,000 barrels per day by 2030.
The new board chairman, Musa Ahmadu-Kida, hails from Borno State. He began his career in the oil industry at Elf Petroleum Nigeria and later joined Total Exploration and Production as a trainee engineer in 1985. Musa served as Total Nigeria’s Deputy Managing Director of Deep Water Services in 2015 and became an Independent Non-Executive Director at Pan Ocean-Newcross Group last year.
Ojulari, the new Group CEO, is from Kwara State. Prior to his appointment, he was the Executive Vice President and Chief Operating Officer at Renaissance Africa Energy Company. Renaissance recently led a consortium of indigenous energy firms in acquiring the entire equity holding in the Shell Petroleum Development Company of Nigeria for $2.4 billion.
President Tinubu expressed his gratitude to the former board members for their dedicated service to NNPCL, particularly for their efforts in rehabilitating the Port Harcourt and Warri refineries, which had been out of operation for extended periods.
Nigeria, once Africa’s leading oil producer, has faced challenges in meeting its production quota set by the Organization of the Petroleum Exporting Countries (OPEC). Despite OPEC's expected output exceeding 2 million barrels per day, NNPCL has consistently underperformed, citing pipeline vandalism, underinvestment, and aging infrastructure. Experts have noted that while some reforms were introduced under Kyari’s leadership, overall production remained below target.
In addition to the leadership changes, industry stakeholders are setting an agenda for the new Group CEO, Ojulari, as he takes charge of NNPCL’s strategic direction.
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