President Bola Tinubu has fired the board of directors of the National Petroleum Corporation of Nigeria (NNPC), including its group CEO Mele Kyari and board chairman Pius Akinyelure.
The decision came into effect on April 2, 2025, was announced in a statement by Presidential spokesman Bayo Onanuga.
According to the statement, the president depends on the decision to improve operational efficiency, restore investor confidence and a more commercially viable NNPC decision.
The President cited his powers under Section 59(2) of the Petroleum Industry Act (PIA), and the President reorganized the board through a new leadership aimed at repositioning NNPC Limited to increase productivity and align with global best practices.
Kyari was first appointed as head of the NNPC by former President Muhammadu Buhari, but was reappointed by President Tinubu in 2023.
As part of the overhaul, Bayo Ojulari took over Kyari as CEO of the new team, while Ahmadu Musa Kida was appointed as the new non-executive chairman of NNPC, replacing Pius Akinyelure. In addition, Adedapo Segun has been identified as the company’s chief financial officer (CFO).
In line with the PIA, the president also appointed six non-executive directors in each geopolitical region.
These include Bello Rabiu, representing the Northwest, Yusuf Usman from the Northeast and Babs Omotowa, former managing director of Nigeria Liquefied Natural Gas (NLNG).
Others are Austin Avuru in the south, David Ige in the southwest, Henry Obih in the southeast.
Meanwhile, Lydia Shehu Jafiya, Permanent Secretary of the Federal Finance Ministry, said that Ahmed of the Ministry of Petroleum Resources will represent their respective ministries on the new board.
“This restructuring is designed to reposition NNPC restrictions to increase productivity and efficiency, in line with global best practices. We are taking bold steps to transform companies into more business-driven and transparent entities.
The changes are effective immediately and the new board has submitted a strategic action plan that includes “a review of NNPC operations and joint venture assets to ensure alignment with the value maximization goal”.
