President Bola Tinubu don approve di reconstitution of di Nigerian National Petroleum Company (NNPC) Limited board, wey lead to di removal of Chief Pius Akinyelure as Chairman and Mallam Mele Kyari as Group Chief Executive Officer (GCEO).
For statement wey Special Adviser to di President on Information & Strategy, Bayo Onanuga, release early Wednesday, Tinubu sack all di board members wey dem appoint with Akinyelure and Kyari for November 2023.
Di new 11-man board go dey led by Engineer Bashir Ojulari as Group CEO and Ahmadu Kida as Non-Executive Chairman. Adedapo Segun go continue as Chief Financial Officer (CFO), while six non-executive directors go represent di geopolitical zones for di country:
- North West – Bello Rabiu
- North East – Yusuf Usman
- North Central – Babs Omotowa (former NLNG Managing Director)
- South-South – Austin Avuru
- South-West – David Ige
- South-East – Henry Obih
Mrs Lydia Shehu Jafiya go represent di Federal Ministry of Finance, while Aminu Ahmed go represent di Ministry of Petroleum Resources.
All di appointments go take effect from April 2, 2025.
Tinubu invoke di powers wey di Petroleum Industry Act (PIA) 2021 give am to restructure di board, say e go help improve efficiency, restore investor confidence, boost local content, and push economic growth plus gas commercialisation.
E also direct di new board to do immediate review of NNPCL assets to make sure say dem dey deliver maximum value. Since 2023, di Tinubu administration don dey push oil sector reforms to attract more investment, with $17 billion don enter di sector so far. Di government target $30 billion investment by 2027 and $60 billion by 2030.
For oil production, Tinubu administration wan increase am to 2 million barrels per day by 2027 and 3 million barrels daily by 2030, while gas production go rise to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.
Di President also expect say by 2027, NNPCL go refine 200,000 barrels of crude oil per day and by 2030, di refining output go reach 500,000 barrels per day.
Tinubu thank di outgoing board members for their service, especially for di rehabilitation of di Port Harcourt and Warri refineries wey don resume petroleum product production after long shutdown. E wish dem well for dia future endeavours.
