President Bola Ahmed Tinubu has approved the reconstitution of the Nigerian National Petroleum Company (NNPC) Limited board, replacing the group chief executive officer, Mallam Mele Kyari with Engineer Bashir Bayo Ojulari.
According to a statement issued by Bayo Onanuga, Special Adviser to the President on Information & Strategy, other board members appointed in November 2023 were also replaced with with Ahmadu Musa Kida also replacing Chief Pius Akinyelure as e company’s non-executive chairman.
Adedapo Segun, who replaced Umaru Isa Ajiya as the chief financial officer of NNPCL last November, was also appointed to the new board by the President in addition to six board members, non-executive directors, representing the country’s geopolitical zones.
The non – executive directors are Bello Rabiu, North West, Yusuf Usman, North East, and Babs Omotowa, a former managing director of the Nigerian Liquified Natural Gas( NLNG), who represents North Central, Austin Avuru from the South-South, David Ige from the South West, and Henry Obih from the South East.
Mrs Lydia Shehu Jafiya, permanent secretary of the Federal Ministry of Finance, was also appointed as a representative of the ministry on the new board, while Aminu Said Ahmed was appointed to represent the Ministry of Petroleum Resources.
Target Before The New Board
President Tinubu implored the board to swiftly conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximization objectives with a view to increasing investment in the oil sector to $30 billion by 2027 and $60 billion by 2030.
The administration also targets raising oil production to 2mbpd by 2027 and 3mbpd by 2030 with gas production expected to hit 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.
The president also expects the new board to elevate NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 by 2030.
