April 2, 2025
President Bola Tinubu has announced the dissolution of the board of the Nigerian National Petroleum Company, NNPC, sacking its Group Chief Executive Officer, Mele Kyari and chairman, Pius Akinyelure.
According to a statement by the presidential spokesperson, Bayo Onanuga, President Tinubu cited the need for enhanced operational efficiency, restored investor confidence, and a more commercially viable NNPC as the driving forces behind the decision effective April 2, 2025
He said the president Invoked his powers under Section 59(2) of the Petroleum Industry Act, PIA, 2021, to reconstitute a new management board with new leadership aimed at repositioning NNPC Limited for greater productivity and alignment with global best practices.
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The sacked Group NNPCL Chief Executive Officer, Mele Kyar was first appointed NNPC chief by former President Muhammadu Buhari but was reappointed in 2023 by President Tinubu.
Following the dissolution of the board, president Tinubu, has appointed Bayo Ojulari, to take over from Kyari as the new group CEO, while Ahmadu Musa Kida replace Pius Akinyelure as NNPC’s new non-executive chairman and confirmed Adedapo Segun, as the company’s chief financial officer, CFO.
In accordance with the PIA, president Tinubu, also appointed six non-executive directors from each geopolitical zone.
The appointees include, Bello Rabiu representing the north-west, Yusuf Usman from the north-east, and Babs Omotowa, a former managing director of the Nigerian Liquefied Natural Gas, NLNG, for the north-central.
Others are Austin Avuru for the south-south, David Ige for the south-west, and Henry Obih for the south-east.
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The permanent secretary of the federal ministry of finance Lydia Jafiya and of the ministry of petroleum resources Aminu Ahmed, will represent their respective ministries on the new board.
According to the statement, “This restructuring is aimed at repositioning NNPC Limited for greater productivity and efficiency in line with global best practices. We are taking bold steps to transform the company into a more commercially driven and transparent entity.”
The new board was tasked to “review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives”.
The appointments and changes are with immediate effect.
