President Bola Tinubu has initiated a significant overhaul of the Nigerian

President Bola Tinubu has initiated a significant overhaul of the Nigerian .

National Petroleum Company (NNPC) Limited, terminating Mele Kyari's role as Group Chief Executive Officer (GCEO) and disbanding the company's board. A statement from Bayo Onanuga, the Special Adviser to the President on Information and Strategy, indicated that the changes were made to improve operational efficiency, bolster investor trust, and make NNPC more commercially viable. This reorganization takes immediate effect.

Bayo Ojulari has been named as the new GCEO, and Ahmadu Musa Kida has been appointed as the Non-Executive Chairman, succeeding Pius Akinyelure. Additionally, Adedapo Segun has been confirmed as the Chief Financial Officer (CFO). To ensure geographical representation, six non-executive directors have been appointed from Nigeria's various geopolitical zones: - North-West: Bello Rabiu - North-East: Yusuf Usman - North-Central: Babs Omotowa (former MD of NLNG) - South-South: Austin Avuru - South-West: David Ige - South-East: Henry Obih Moreover, Lydia Shehu Jafiya from the Ministry of Finance and Aminu Said Ahmed from the Ministry of Petroleum Resources will serve as representatives from their respective ministries on the board. President Tinubu highlighted that this restructuring is part of a larger plan to transform NNPC into a transparent and commercially-focused organization.

The administration aims to attract $30 billion in oil sector investments by 2027 and $60 billion by 2030. Key targets include: - Increasing crude oil production to 2 million barrels per day by 2027 and 3 million by 2030. - Elevating gas production to 8 billion cubic feet per day by 2027 and 10 billion by 2030. - Enhancing NNPC's crude oil refining capacity to 200,000 barrels per day by 2027 and 500,000 barrels by 2030. Ojulari, an accomplished petroleum engineer from Kwara State, has an extensive background in the industry. He began his career at Elf Aquitaine before joining Shell Petroleum Development Company in 1991, where he gained experience in petroleum process engineering, strategic planning, and field development. From 2015 to 2020, he held the position of Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo).

Prior to his recent appointment, he served as Executive Vice President and COO at Renaissance Africa Energy Company, which recently acquired Shell Petroleum Development Company of Nigeria (SPDC) for $2.4 billion. President Tinubu praised the outgoing board members for their contributions, particularly their work on rehabilitating the Warri and Port Harcourt refineries, and expressed confidence in the new leadership's potential to drive NNPC towards greater achievements.