President Bola Tinubu has dissolved the board of the Nigerian National Petroleum Company (NNPC), including Group Chief Executive Officer Mele Kyari and board chairperson Pius Akinyelure.
In a statement by Presidential spokesperson Bayo Onanuga, Tinubu also removed all other board members who were appointed alongside Kyari and Akinyelure in November 2023. The President exercised his authority under Section 59, Subsection 2 of the Petroleum Industry Act, 2021, stating that the decision was aimed at improving operational efficiency, restoring investor confidence, and making NNPC more commercially viable.
A new 11-member board has been appointed, with Bashir Ojulari taking over as the Group CEO, effective April 2, 2025. Tinubu has set ambitious targets for the new leadership, mandating an increase in NNPC’s crude oil refining output to 200,000 barrels per day by 2027 and 500,000 barrels per day by 2030.
The reconstitution of the NNPC board marks a major shake-up in the oil sector, reflecting the administration’s commitment to revitalizing Nigeria’s energy industry.
