TINUBU RESTRUCTURES THE NNPC LIMITED BOARD

In a decisive move aimed at bolstering the oil and gas sector, President Bola Ahmed Tinubu has reconstituted the board of the Nigerian National Petroleum Company (NNPC) Limited, appointing a new chairman and Group Chief Executive Officer (GCEO) while dissolving the previous leadership.

The overhaul sees the exit of former board chairman, Chief Pius Akinyelure, and Group CEO, Mallam Mele Kolo Kyari, along with all board members appointed in November 2023.

In their place, Tinubu appointed Ahmadu Musa Kida as the new non-executive chairman and Engineer Bashir Bayo Ojulari as the Group CEO.

The newly constituted 11-member board also includes Adedapo Segun, who retains his position as Chief Financial Officer.

Representing Nigeria's geopolitical zones are non-executive directors Bello Rabiu (North West), Yusuf Usman (North East), and former NLNG managing director Babs Omotowa (North Central).

Others are Austin Avuru (South-South), David Ige (South West), and Henry Obih (South East).

Additionally, Mrs. Lydia Shehu Jafiya from the Federal Ministry of Finance and Aminu Said Ahmed from the Ministry of Petroleum Resources will serve as representatives of their respective ministries.

All the appointments are effective today, April 2.

According to a statement issued in the early hours of Wednesday by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu made the appointments under Section 59, subsection 2 of the Petroleum Industry Act, 2021, emphasizing that the restructuring is necessary to enhance operational efficiency, restore investor confidence, boost local content, and accelerate economic growth.

President Tinubu also handed out an immediate action plan to the new board: to conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximization objectives.