In a significant shake-up of Nigeria’s oil sector, President Bola Ahmed Tinubu has reconstituted the board of the Nigerian National Petroleum Company (NNPC) Limited, appointing new leadership and replacing key executives.
Adedapo Segun, who took over as Chief Financial Officer (CFO) from Umaru Isa Ajiya last year, has now been officially appointed to the new board. The board also includes six non-executive directors representing Nigeria’s geopolitical zones: Bello Rabiu (North West), Yusuf Usman (North East), and Babs Omotowa (North Central). The South-South is represented by Austin Avuru, while David Ige (South West) and Henry Obih (South East) complete the list. Mrs. Lydia Shehu Jafiya from the Federal Ministry of Finance and Aminu Said Ahmed from the Ministry of Petroleum Resources will also serve on the board.
President Tinubu cited Section 59, subsection 2 of the Petroleum Industry Act, 2021, as the basis for the restructuring, emphasizing that the changes aim to improve operational efficiency, restore investor confidence, enhance local content, and drive economic growth. One of the board’s first directives is to conduct a strategic portfolio review of NNPC-operated and joint venture assets to align with value maximization objectives.
Since assuming office, Tinubu’s administration has pursued oil sector reforms to attract investment, securing $17 billion in 2023. The government now aims to boost sector investments to $30 billion by 2027 and $60 billion by 2030. Additionally, it targets raising oil production to two million barrels per day (bpd) by 2027 and three million bpd by 2030, while gas production is projected to reach eight billion cubic feet daily by 2027 and ten billion cubic feet by 2030. The new board is also tasked with increasing NNPC’s share of refining capacity to 200,000 barrels per day by 2027 and 500,000 by 2030.
New Leadership Profiles
Ahmadu Musa Kida, the new board chairman from Borno State, is an alumnus of Ahmadu Bello University (ABU), Zaria, with a degree in civil engineering. He later obtained a postgraduate diploma in petroleum engineering from the Institut Francais du Petrol (IFP) in Paris. Kida started his career with Elf Petroleum Nigeria before joining Total Exploration and Production in 1985. He rose to the position of Deputy Managing Director of Deep Water Services at Total Nigeria in 2015 and was appointed an Independent Non-Executive Director at Pan Ocean-Newcross Group in 2023. Beyond the oil sector, Kida is a former basketball player and president of the Nigerian Basketball Federation (NBBF).
Bashir Bayo Ojulari, the new GCEO from Kwara State, previously served as Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. His firm led a $2.4 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC). A mechanical engineering graduate from ABU Zaria, Ojulari began his career at Elf Aquitaine before moving to Shell Petroleum Development Company in 1991. Over the years, he worked across Nigeria, Europe, and the Middle East in production technology, strategic planning, and asset management roles. He became Managing Director of Shell Nigeria Exploration and Production Company (SNEPCO) in 2015 and has served on multiple industry boards, including the Society of Petroleum Engineers (SPE) Nigeria.
President Tinubu acknowledged the contributions of the outgoing board members, particularly their role in rehabilitating the Port Harcourt and Warri refineries, which resumed production after extended shutdowns. He expressed gratitude for their service and wished them success in future endeavors.
This strategic overhaul underscores the administration’s commitment to revitalizing Nigeria’s oil sector, ensuring efficiency, and positioning NNPC as a globally competitive player in the energy industry.
