Tinubu also dissolved its board, removing the Chairman, Chief Pius Akinyelure.
This latest development was disclosed on 2nd April 2025 from the State House, Abuja. According to the Press Release, Tinubu invoked his powers under section 59(2) of the Petroleum Industry Act (PIA) 2021 to carry out the sweeping reconstitution, citing the need for “enhanced operational efficiency, restored investor confidence, and a more commercially viable NNPCL”.
Hence, Tinubu approved a new 11-man board, which has Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as non-executive Chairman.
It's noteworthy that Engr. Ojulari is the erstwhile Chief Executive Officer (CEO) of the defunct Shell Petroleum Development Company Limited (SPDC).
The statement said, “Adedapo Segun, who replaced Umaru Isa Ajiya as the chief financial officer last November, has been appointed to the new board by President Tinubu. “Six board members, non-executive directors, represent the country’s geopolitical zones. They are Bello Rabiu, North West, Yusuf Usman, North East, and Babs Omotowa, a former managing director of the Nigerian Liquified Natural Gas( NLNG), who represents North Central.
“President Tinubu appointed Austin Avuru as a non-executive director from the South-South, David Ige as a Non-executive director from the South West, and Henry Obih as a non-executive director from the South East. “Mrs Lydia Shehu Jafiya, permanent secretary of the Federal Ministry of Finance, will represent the ministry on the new board, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources”.
The statement further mentioned that all the appointments take effect from April 2, 2025.
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