President Tinubu moves to protect retirees, ordering free healthcare, pension increments, and reforms to secure dignity in retirement.
President Bola Tinubu has approved a reconstitution of the Nigerian National Petroleum Company (NNPC) Limited board, removing its chairman, Chief Pius Akinyelure, and the Group Chief Executive Officer, Mallam Mele Kyari. All other board members appointed in November 2023 have also been replaced.
In the newly constituted 11-member board, Engineer Bashir Bayo Ojulari takes over as Group CEO, while Ahmadu Musa Kida has been appointed as the non-executive chairman.
Adedapo Segun, who became Chief Financial Officer last year, has now been named to the new board.
A statement from the Special Adviser to the President on Information and Strategy, Bayo Onanuga, confirms that the board includes six non-executive directors representing Nigeria’s geopolitical zones:
- Bello Rabiu (North West)
- Yusuf Usman (North East)
- Babs Omotowa (North Central)
- Austin Avuru (South-South)
- David Ige (South West)
- Henry Obih (South East)
Mrs. Lydia Shehu Jafiya, the Permanent Secretary of the Federal Ministry of Finance, will represent the ministry, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
The appointments take effect from April 2, with a clear mandate from President Tinubu. The new board is tasked with conducting a strategic review of NNPC’s assets to maximize value and attract investment. The administration aims to increase oil sector investment from $17 billion to $30 billion by 2027 and $60 billion by 2030.
Additionally, the government targets boosting oil production to two million barrels per day by 2027 and three million by 2030, while gas production is expected to rise to 8 billion cubic feet daily by 2027 and 10 billion by 2030.
The board is also expected to enhance NNPC’s refining capacity, targeting 200,000 barrels per day by 2027 and 500,000 by 2030.
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