President Tinubu has reconstituted the board of NNPCL. He removed Kyari and Pius Akinyelure from their positions. Tinubu now names Bashir Ojulari as the new Group Chief Executive Officer. The new appointment takes effect on April 2, 2025.
Tinubu explained his decision in a statement early Wednesday. He cited the need for enhanced operational efficiency and investor confidence in the oil sector. Tinubu stressed that his reforms will boost local content and drive economic growth. He invoked powers granted under Section 59(2) of the Petroleum Industry Act, 2021, to reconstitute the board.
The new board comprises eleven members representing Nigeria’s geopolitical zones. The board includes non-executive directors who represent the North West, North East, and North Central regions. Tinubu appointed Austin Avuru for the South-South, David Ige for the South West, and Henry Obih for the South East. These changes aim to restore the board’s credibility and performance.
Tinubu removed Kyari amid concerns about his past performance. Kyari had faced criticism for poor operational decisions. The president cited past shortcomings and a need for renewed leadership in NNPCL. Tinubu’s move to replace Kyari reaffirms his commitment to transforming Nigeria’s oil sector.
Bashir Ojulari, from Kwara State, brings vast experience in the oil industry. He previously served as the Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. Ojulari led a consortium that acquired Shell Petroleum Development Company Nigeria’s equity. His appointment signals a new era for NNPCL.
The administration now envisions a major boost in investment. Tinubu aims to raise oil production to two million barrels daily by 2027 and three million by 2030. The new board also plans to increase NNPCL’s share of crude oil refining output. Tinubu urges the board to review its portfolio and maximise asset values.
The president thanked outgoing board members for their service. He promised the new board would rebuild trust and enhance performance in Nigeria’s oil sector.
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