President Bola Tinubu has dismissed the board of the Nigerian National Petroleum Company Limited (NNPCL), including its Group Chief Executive Officer, Mele Kyari, and Board Chairman, Pius Akinyelure.
The announcement, made by presidential spokesperson Bayo Onanuga, takes effect from April 2, 2025. Tinubu cited the need to boost operational efficiency, restore investor confidence, and make NNPCL more commercially viable as key reasons for the restructuring.
In exercising his authority under Section 59(2) of the Petroleum Industry Act (PIA) 2021, the president reconstituted the NNPCL board to enhance the company’s performance and align it with global best practices.
As part of the reshuffle, Bayo Ojulari has been appointed as the new Group Chief Executive Officer (GCEO) of NNPCL, replacing Kyari. In addition, Ahmadu Musa Kida has been named the new Non-Executive Chairman of the board, while Adedapo Segun has been confirmed as the Chief Financial Officer (CFO).
Furthermore, Tinubu appointed six non-executive directors to represent each geopolitical zone in Nigeria: 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).
The president emphasized that the new leadership is expected to reposition NNPCL for greater transparency, efficiency, and profitability, ensuring that Nigeria’s oil and gas sector remains competitive on the global stage.
This move signals the end of Mele Kyari's tenure, which began in July 2019 and saw major reforms in the oil sector, including the full commercialization of NNPCL under the PIA. However, his leadership also faced scrutiny over fuel subsidy policies, operational challenges, and investor concerns.
With the appointment of Bayo Ojulari, a seasoned industry expert, the federal government aims to inject fresh energy into NNPCL’s management and drive long-term sustainability in Nigeria’s petroleum sector.
