President Tinubu sacks NNPCL GCEO, Mele Kyari, appoints Engr. Bashir Bayo Ojulari as the new GCEO, Ahmadu Musa Kida as non-executive chairmanTinubu also sacked all board members who were appointed alongside Akinyelure and Kyari in November 2023.
Adedapo Segun, who took over the role of chief financial officer from Umaru Isa Ajiya last November, has been named to the new board by President Tinubu.Six board members, non-executive directors, represent the country’s geopolitical zones. They are:Bello Rabiu (North West)Yusuf Usman (North East) Babs Omotowa (North Central)Austin Avuru (South-South)David Ige (South West)Henry Obih (South East)Mrs Lydia Shehu Jafiya, permanent secretary of the Federal Ministry of Finance, will represent the ministry on the new board, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
President Tinubu emphasised that the board’s restructuring is crucial for enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialisation and diversification.
Tinubu also handed out an immediate action plan to the new board:- To conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives.- Since 2023, the Tinubu administration has implemented oil sector reforms to attract investment. Last year, NNPC reported $17 billion in new investments within the sector.
The administration now envisions increasing the investment to $30 billion by 2027 and $60 billion by 2030. – The Tinubu administration targets raising oil production to two million barrels daily by 2027 and three million daily by 2030. Concurrently, the government wants gas production jacked to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.