In a bold move to restructure the Nigerian National Petroleum Company Limited (NNPCL), the oil giant is set to announce key executive appointments today, including a new Group Chief Operating Officer (GCOO), General Counsel/Company Secretary, and two new Executive Vice Presidents (EVPs).
According to authoritative sources, the appointments will be formalized during the inaugural meeting of the newly constituted NNPCL board, following its appointment by President Bola Tinubu on Wednesday.
The changes come as part of a sweeping reorganization aimed at enhancing efficiency, restoring investor confidence, and boosting economic growth through gas commercialization and diversification.
The reshuffle will see the replacement of the Executive Vice Presidents for Downstream and Business Services, while the current EVPs for Upstream, Gas, and New Energy will retain their positions.
President Tinubu’s shake-up of the NNPCL leadership led to the dismissal of former Group Chief Executive Officer Mele Kyari and the dissolution of the board chaired by Chief Pius Akinyelure.
In their place, he appointed an 11-member board featuring top industry professionals. Bashir Bayo Ojulari, a former Shell top executive and EVP of Renaissance Africa Energy Company, has been named the new Group CEO. Ahmadu Musa Kida, a former Total Nigeria top executive, will serve as the Non-Executive Chairman.
Other appointees include Adedapo Segun as Chief Financial Officer, Bello Rabiu as Non-Executive Director representing the North West, Yusuf Usman for the North East, and Babs Omotowa, a former managing director of the Nigerian Liquefied Natural Gas, for the North Central.
Austin Avuru will represent the South-South, David Ige the South West, and Henry Obih the South East. Lydia Shehu Jafiya has been appointed as the representative of the Federal Ministry of Finance, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
With the new leadership in place, the Tinubu administration has set ambitious production targets for the oil and gas sector. The government expects oil production to reach two million barrels per day by 2027 and increase to three million barrels per day by 2030.
Gas production is projected to rise to eight billion cubic feet daily by 2027 and ten billion cubic feet by 2030. In the refining sector, NNPC aims to boost its share of crude oil refining output to 200,000 barrels daily by 2027 and 500,000 barrels daily by 2030.
Additionally, President Tinubu has tasked the board with conducting a strategic portfolio review of NNPC’s operated and joint venture assets to ensure maximum value extraction and operational efficiency.
As the shake-up takes effect immediately, industry stakeholders and investors are keenly watching to see how the newly appointed board will navigate Nigeria’s oil and gas sector towards a more competitive and transparent future.