President Bola Ahmed Tinubu has reconstituted the Nigerian National Petroleum Company (NNPC) Limited board, appointing Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as non-executive chairman.
The new 11-man board, which replaces the entire board appointed in November 2023, is tasked with enhancing operational efficiency, restoring investor confidence, and driving economic growth.
“We have taken this decision to reconstitute the NNPC board to ensure that the company is well-positioned to achieve its strategic objectives,” President Tinubu said. “The new board is expected to conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximization objectives.”
The President thanked the outgoing board members for their service, particularly their efforts in rehabilitating the old Port Harcourt and Warri refineries.
The new board members, who represent the country’s geopolitical zones, as well as the Ministries of Finance and Petroleum Resources, are expected to work closely with the President to achieve his administration’s oil sector reforms.
The Tinubu administration aims to increase oil production to two million barrels daily by 2027 and three million daily by 2030, while also increasing gas production to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.
“We are committed to making NNPC a world-class company that drives economic growth and development in Nigeria,” President Tinubu said.
