PRESIDENT BOLA TINUBU has initiated a major shake-up at the Nigerian National Petroleum Company Limited (NNPCL), replacing Mele Kyari with Bashir Bayo Ojulari as the Group Managing Director and Chief Executive Officer.
This change, effective April 2, 2025, marks a significant shift in leadership at Nigeria’s state-owned oil corporation amid ongoing efforts to revitalise the country’s petroleum sector.
The President’s decision, announced in a statement by his Special Adviser on Information and Strategy, Bayo Onanuga, also saw the dissolution of the NNPCL board, including its chairman, Pius Akinyelure.
A newly reconstituted 11-member board now features Ahmadu Musa Kida as non-executive chairman alongside six non-executive directors representing Nigeria’s geopolitical zones.
The restructuring comes as Nigeria seeks to reposition its oil industry, a sector that has historically been the backbone of the nation’s economy.
The country’s crude oil production has struggled in recent years, with output declining from over 2.2 million barrels per day (bpd) in the early 2000s to around 1.4 million bpd in 2023, according to data from the Organisation of Petroleum Exporting Countries (OPEC). The Tinubu administration has set ambitious targets to ramp up production to two million bpd by 2027 and three million bpd by 2030.
ALSO READ: Tinubu Extends Kemi’s Tenure As Comptroller-General Of Immigration
The Nigerian oil industry has faced long standing challenges, including revenue leakages, inefficiencies, and corruption. The reconstitution of the NNPCL board aligns with the government’s broader agenda to enhance transparency and restore investor confidence.
Under the leadership of former Group Chief Executive Officer (GCEO) Mele Kyari, the Nigerian National Petroleum Corporation Limited (NNPCL) underwent significant transformations, notably transitioning from a government agency to a commercial entity in compliance with the Petroleum Industry Act (PIA) of 2021. This transition aimed to enhance operational efficiency and profitability within Nigeria’s oil and gas sector.
However, despite these structural changes, concerns have persisted regarding NNPCL’s governance practices and its remittance of revenues to the federal government. In January 2024, reports emerged alleging that NNPCL had failed to remit sufficient oil revenues into the federation account, raising questions about the corporation’s transparency and financial management.
Further scrutiny revealed alleged financial irregularities during Kyari’s tenure. A 2021 audit report accused NNPCL of unauthorized deductions totaling ₦82.9 billion from federation revenues, purportedly for refinery rehabilitation projects. These deductions lacked proper authorization and supporting documentation, contravening established financial regulations.
These developments have sparked calls for increased transparency and accountability within NNPCL. Stakeholders advocate for comprehensive audits and stricter oversight to ensure that the corporation’s operations align with legal and financial standards, thereby restoring public trust and ensuring that revenues are appropriately remitted to the federation account.
“President Tinubu is emphasising operational efficiency and economic growth,” Onanuga stated. “The new board has been tasked with conducting a strategic review of NNPCL-operated assets to maximise value.”
The government is also prioritising the expansion of Nigeria’s refining capacity. NNPCL aims to increase its share of crude oil refining output to 200,000 barrels per day by 2027 and 500,000 barrels per day by 2030, reducing reliance on imported petroleum products. The administration expects this to be complemented by investments in gas commercialisation, targeting a rise in gas production to 10 billion cubic feet per day by 2030.
Nigeria’s oil sector remains a key driver of foreign exchange earnings, but the country has struggled with declining investments. While the NNPCL secured $17 billion in new investments in 2024, the government aims to attract $30 billion by 2027 and $60 billion by 2030.
Oil theft and pipeline vandalism have also significantly impacted revenues. According to the Nigeria Extractive Industries Transparency Initiative (NEITI), Nigeria lost approximately 7.68 million barrels of crude oil in 2023, a significant decrease of 79% from the 36.69 million barrels lost in 2022. This reduction is largely attributed to enhanced government initiatives aimed at curbing oil theft and improving operational efficiency within the sector.
Despite this positive trend, the cumulative losses over the years highlight persistent challenges in securing Nigeria’s oil resources. Addressing these issues remains a priority for the current administration, which is counting on the newly appointed leadership at the Nigerian National Petroleum Company Limited (NNPCL) to implement effective strategies to further reduce oil theft and bolster the sector’s integrity.
Since its establishment in 1977, the NNPC has seen multiple leadership changes, each shaping the company’s trajectory.
The following is a list of past NNPC leaders:
A. Marinho (1977–1980)
Odiligi Lolomari (April 1980 – August 1981)
Lawrence Amu (October 1981 – November 1985)
Mr. Aret Adams (November 1985 – April 1990)
Dr. Thomas John (April 1990 – June 1990)
Mr. Edmund Daukoru (June 1992 – October 1993)
Chamberlin Oyibo (November 1993 – August 1995)
Dalhatu Bayero (August 1995 – May 1999
Dr. Jackson Gaius-Obaseki (May 1999 – November 2003)
Funsho Kupolokun (November 2003 – September 2007)
Abubakar Lawal Yar’Adua (September 2007 – January 2009)
Mohammed Sanusi Barkindo (January 2009 – April 2010)
Shehu Ladan (April 2010 – May 2010)
Augustine O. Oniwon (May 2010 – June 2012)
Andrew Yakubu (June 2012 – August 2014)
Dr. Joseph Thlama Dawha (August 2014 – August 2015)
Dr. Emmanuel Ibe Kachikwu (August 2015 – July 2016)
Dr. Maikanti Kachalla Baru (July 2016 – July 2019)
Mele Kolo Kyari (July 2019 – April 2025)
Bashir Bayo Ojulari (April 2025 – Present)
The incoming CEO will need to navigate the complexities of Nigeria’s oil industry, balancing government policies with commercial imperatives.
