KEY POINTS

• President Tinubu replaces NNPC’s entire leadership team, appointing Bayo Ojulari to drive operational and financial reforms.
• New non-executive directors ensure all geopolitical zones have input in Nigeria’s crucial oil sector decisions.
• The overhaul aims to transform NNPC into a more transparent, commercially-focused entity aligned with global energy sector standards.

In a major shakeup of Nigeria’s energy sector, President Bola Tinubu has dissolved the entire board of the Nigerian National Petroleum Company Limited (NNPCL), including the removal of Group Chief Executive Officer Mele Kyari and replacing him with Bashir Ojulari.

The Nation reports that the dramatic restructuring, announced on April 2, 2025, sees industry veteran Bayo Ojulari appointed as the new Group CEO.

Presidential spokesperson Bayo Onanuga revealed the decision was driven by the need for “enhanced operational efficiency, restored investor confidence, and a more commercially viable NNPC.” The president invoked Section 59(2) of the Petroleum Industry Act 2021 to implement the changes, which take immediate effect.

New leadership team takes charge

The reconstituted board features Ahmadu Musa Kida as the new non-executive chairman, replacing Akinyelure, while Adedapo Segun retains his position as Chief Financial Officer. In a move ensuring national representation, President Tinubu appointed six non-executive directors from each geopolitical zone:

• North-West: Bello Rabiu
• North-East: Yusuf Usman
• North-Central: Babs Omotowa (former NLNG MD)
• South-South: Austin Avuru
• South-West: David Ige
• South-East: Henry Obih

The federal ministries of finance and petroleum resources will be represented by their permanent secretaries, Lydia Shehu Jafiya and Aminu Said Ahmed respectively.

“This restructuring is aimed at repositioning NNPC Limited for greater productivity and efficiency in line with global best practices,” the presidential statement emphasized. “We are taking bold steps to transform the company into a more commercially driven and transparent entity.”

The leadership change comes at a critical juncture for Nigeria’s oil sector, which contributes over 80% of foreign exchange earnings but has struggled with operational challenges. Energy analyst Dolapo Oni noted: “Ojulari’s extensive private sector experience could bridge gaps in accountability and profitability that have plagued the national oil company.”

Kyari’s departure marks the end of a six-year tenure that saw both achievements like digital transformation initiatives and controversies including persistent fuel shortages. The new board has been handed a strategic action plan that includes a “review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximization objectives.”

Market analysts suggest the move could reassure international investors ahead of Nigeria’s planned oil sector reforms. However, some industry watchers caution that the changes may face resistance from entrenched interests within the petroleum sector.