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President Bola Tinubu has sacked the board of the Nigerian National Petroleum Company Limited (NNPC Limited) including its Group Chief Executive Officer (GCEO), Mele Kyari and board chairman Pius Akinyelure, naming Bayo Ojulari as Kyari’s replacement.

The decision, effective April 2, 2025, was announced in a statement by presidential spokesperson Bayo Onanuga.

President Tinubu cited the need for enhanced operational efficiency, restored investor confidence, and a more commercially viable NNPC as the driving forces behind the decision.

Invoking his powers under Section 59(2) of the Petroleum Industry Act (PIA) 2021, he reconstituted the board with new leadership aimed at repositioning NNPC Limited for greater productivity and alignment with global best practices.

Kyari was first appointed NNPC Limited chief by former President Muhammadu Buhari but was reappointed in 2023 by President Tinubu.

As Ojulari takes over from Kyari as the new group CEO, Ahmadu Musa Kida has been appointed as NNPC Limited’s new non-executive chairman, replacing Pius Akinyelure.

Also, Adedapo Segun has been confirmed as the company’s chief financial officer (CFO).

In line with the PIA, the president also appointed six non-executive directors from each geopolitical zone.

They include Bello Rabiu representing the north-west, Yusuf Usman from the north-east, and Babs Omotowa, a former managing director of the Nigerian Liquefied Natural Gas (NLNG), for the north-central.

Others are Austin Avuru for the south-south, David Ige for the south-west, and Henry Obih for the south-east.

Meanwhile, Lydia Shehu Jafiya, the permanent secretary of the federal ministry of finance, and Aminu Said Ahmed of the ministry of petroleum resources will represent their respective ministries on the new board.

“This restructuring is aimed at repositioning NNPC Limited for greater productivity and efficiency in line with global best practices. We are taking bold steps to transform the company into a more commercially driven and transparent entity,” the statement reads.

The changes take effect immediately, and the new board has been handed a strategic action plan, which includes a “review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives”.

ABUJA BUSINESS REPORTS NEWSPAPER & MAGAZINE