In a major leadership overhaul announced early Wednesday, April 2, 2025, President Bola Ahmed Tinubu has reconstituted the Nigerian National Petroleum Company Limited (NNPC) board, removing Group Chief Executive Officer Mele Kyari after six years of service and appointing Engineer Bashir Bayo Ojulari as his replacement. The sweeping changes also saw the removal of board chairman Chief Pius Akinyelure, who has been replaced by Ahmadu Musa Kida. The restructuring, which takes immediate effect, introduces a new 11-member board with representatives from all six geopolitical zones of Nigeria, signaling President Tinubu’s commitment to enhancing operational efficiency, restoring investor confidence, and advancing gas commercialization in Nigeria’s critical energy sector.
Comprehensive Board Restructuring
President Tinubu has implemented a complete overhaul of the NNPC leadership structure, removing all board members who were appointed in November 2023. This decisive action reflects the administration’s determination to reposition the national oil company for greater effectiveness and transparency. The newly constituted 11-member board has Engineer Bashir Bayo Ojulari as Group CEO and Ahmadu Musa Kida as non-executive chairman.
The President, invoking powers granted under Section 59, subsection 2 of the Petroleum Industry Act of 2021, emphasized that this restructuring is crucial for enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialization and diversification. These priorities align with Nigeria’s broader economic development goals and energy security objectives.
Adedapo Segun, who was appointed as Chief Financial Officer in November 2024 replacing Umaru Isa Ajiya, has been retained on the new board. The composition includes regional representation with six non-executive directors: 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). Additionally, Mrs. Lydia Shehu Jafiya, permanent secretary of the Federal Ministry of Finance, will represent the ministry, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
Profile of the New NNPC Leader
Bayo Bashir Ojulari, the newly appointed Group Chief Executive Officer, brings extensive experience and technical expertise to NNPC Limited. He is a seasoned Nigerian engineer with specialized knowledge in petroleum, process, and production engineering. His career began as the first Nigerian process engineer at Elf Aquitaine before he joined Shell Petroleum Development Company in 1991.
A native of Kwara State and an alumnus of Ahmadu Bello University, Zaria, where he studied Mechanical Engineering (1985-1989), Ojulari previously served as the Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo) from 2015 to 2021. Prior to his NNPC appointment, he held the position of Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company.
Ojulari’s impressive credentials include being a fellow of the Nigerian Society of Engineers and a former member of the board of trustees of the Society of Petroleum Engineers (SPE Nigeria Council). Throughout his 33-year career in the oil and gas sector, he has held various managerial roles in Europe and the Middle East, demonstrating his comprehensive understanding of the global energy industry. His expertise spans petroleum engineering, process engineering, production engineering, and health and safety.
Kyari’s Legacy at NNPC
Mallam Mele Kolo Kyari exits NNPC after approximately six years of what has been described as “meritorious service” as Group Chief Executive Officer, having assumed office on July 7, 2019. Before his appointment as GCEO, Kyari served as the Group General Manager of NNPC’s Crude Oil Marketing Division from 2015 to 2019 and as Nigerian National Representative at the Organisation of Petroleum Exporting Countries (OPEC).
Under Kyari’s leadership, NNPC underwent a significant transformation, evolving from a loss-making entity into a profitable company. His tenure saw remarkable financial improvement, with the company reversing a loss position of N1.7bn in 2019 to post profits of N287bn in 2020, N674.1bn in 2021, N2.54tn in 2022, and an impressive N3.29tn in 2023. This financial turnaround stands as a testament to his management capabilities and strategic vision for the national oil company.
Kyari’s departure comes amid earlier speculation about his retirement, as he turned 60 in January 2025, which typically triggers mandatory retirement under public service rules. However, following NNPC’s restructuring into a limited liability company under the Petroleum Industry Act in 2021, there had been debate about whether these rules still applied to the company’s leadership.
President’s Mandate for the New Board
The newly constituted board has received clear directives from President Tinubu to conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximization objectives. This mandate underscores the administration’s focus on optimizing Nigeria’s oil and gas resources for maximum economic benefit.
The timing of this leadership change is significant, coming as Nigeria continues to navigate challenges in its energy sector, including production targets, refinery operations, and global energy transition pressures. The appointment of Ojulari, with his extensive experience in both Nigerian and international energy operations, signals the government’s intention to bring fresh perspectives and technical expertise to address these challenges.
Conclusion
The reconstitution of NNPC’s leadership represents a pivotal moment for Nigeria’s oil and gas sector. By bringing in experienced industry professionals with diverse expertise, President Tinubu has demonstrated his commitment to transforming the national oil company into a more efficient, transparent, and commercially viable entity. As Africa’s largest oil producer, these changes at NNPC are likely to have significant implications for both domestic energy security and Nigeria’s position in global energy markets. The new leadership team faces the substantial task of building upon Kyari’s financial achievements while navigating the complex challenges of modernizing operations, increasing production, and aligning with global energy transition goals.
