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Abuja – In a significant shake-up of Nigeria’s oil business, President Bola Ahmed Tinubu has dissolved the board of the Nigerian Nationwide Petroleum Firm Restricted (NNPCL) and eliminated Mele Kyari as Group Chief Government Officer (GCEO). In his place, Engineer Bashir Bayo Ojulari has been appointed as the brand new GCEO of the nationwide oil firm.
The sweeping adjustments, introduced on Tuesday in an announcement by Presidential Spokesman Bayo Onanuga, additionally noticed the removing of Pius Akinyelure, who served as Non-Government Chairman, alongside different board members appointed in November 2023.
In a daring transfer, Tinubu has now reconstituted a recent 11-member board, with Ahmadu Musa Kida stepping in as Non-Government Chairman and Adedapo Segun taking on as a board member. Segun replaces Umaru Isa Ajiya, who beforehand held the place of Chief Monetary Officer.
New NNPC Board Members
The newly appointed board, which takes impact from April 2, 2024, is made up of:
Non-Government Administrators Representing Geopolitical Zones:
Bello Rabiu (North West)
Yusuf Usman (North East)
Babs Omotowa (North Central, former MD of Nigeria LNG)
Austin Avuru (South-South)
David Ige (South West)
Henry Obih (South East)
Authorities Representatives:
Why Tinubu Reshuffled NNPCL Management
The President invoked his powers below Part 59(2) of the Petroleum Business Act (PIA), 2021, emphasizing that the restructuring was essential to:
Enhance operational effectivity
Restore investor confidence within the sector
Increase native participation in oil and fuel operations
Increase fuel manufacturing and commercialization
Strengthen the drive for power sector reforms
He thanked the outgoing board members for his or her service, acknowledging their efforts in reviving the Port Harcourt and Warri refineries, which had been dormant for years.
Tinubu’s Bold Targets for NNPC
The administration has set daring targets for NNPCL and the power sector, together with:
Attracting $30 billion in investments by 2027 and $60 billion by 2030
Rising crude oil manufacturing to 2 million barrels per day by 2027, and three million by 2030
Boosting fuel manufacturing to eight billion cubic toes every day by 2027 and 10 billion by 2030
Elevating NNPC’s crude refining output to 200,000 barrels per day by 2027 and 500,000 by 2030
To realize these, the brand new board has been directed to hold out a strategic evaluate of NNPC’s property, significantly its joint ventures, to make sure most worth extraction.
Profiles of the New NNPCL Leaders
Ahmadu Musa Kida – Board Chairman
Hails from Borno State
Holds a Civil Engineering diploma from Ahmadu Bello College (ABU), Zaria
Studied Petroleum Engineering on the Institut Français du Pétrole (IFP), Paris
Began his profession at Elf Petroleum Nigeria, later joined Complete Exploration and Manufacturing
Rose to change into Deputy Managing Director of Deep Water Companies at Complete Nigeria
Beforehand served as an Impartial Non-Government Director at Pan Ocean-Newcross Group
Former President of the Nigerian Basketball Federation (NBBF)
Bashir Bayo Ojulari – Group CEO
Hails from Kwara State
Studied Mechanical Engineering at ABU Zaria
Began his profession at Elf Aquitaine as Nigeria’s first course of engineer
Joined Shell Petroleum Growth Firm (SPDC) in 1991, the place he labored throughout Nigeria, Europe, and the Center East
Turned Managing Director of Shell Nigeria Exploration and Manufacturing Firm (SNEPCO) in 2015
Led a $2.4 billion deal to accumulate Shell’s Nigerian onshore property by Renaissance Africa Vitality Firm
Fellow of the Nigerian Society of Engineers and former Chairman of the Society of Petroleum Engineers (SPE Nigeria)
What This Means for Nigeria’s Oil Business
With Bashir Ojulari now on the helm, expectations are excessive that NNPC will speed up its reforms, drive extra investments, and enhance native refining capability. The shake-up additionally indicators Tinubu’s willpower to reposition Nigeria’s oil sector, particularly amid rising international curiosity in renewable power and fuel commercialization.
As Nigeria works in direction of turning into a key participant within the international power market, all eyes can be on the brand new NNPC board to see whether or not they can ship on these bold targets.
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