President Bola Ahmed Tinubu has restructured the Nigerian National Petroleum Company (NNPC) board, aiming to rejuvenate Nigeria’s oil sector and restore investor confidence. Engineer Bashir Bayo Ojulari leads the new board, tasked with ambitious production and investment targets, enhancing local content, and ensuring regional representation to drive economic growth and innovation.
ABUJA, Nigeria — In a move set to send shockwaves through Nigeria’s oil industry, President Bola Ahmed Tinubu has initiated a bold restructuring of the Nigerian National Petroleum Company (NNPC) Limited board with Engineer Bashir Bayo Ojulari as the new Group CEO—a decision that is rewriting the rules of power and profit in the nation’s energy sector.
This dramatic shake-up, announced on April 2, 2025, is not just a routine change in personnel; it is a seismic shift designed to rejuvenate the sector, restore investor confidence, and propel Nigeria into a future marked by unprecedented economic growth and innovation.
A Watershed Moment in Nigeria’s Energy Landscape
President Tinubu’s directive, issued under the powers granted by Section 59, subsection 2 of the Petroleum Industry Act, 2021, dismantled the previous board configuration by removing Chief Pius Akinyelure and Mallam Mele Kolo Kyari from their leadership roles. All board members appointed alongside them in November 2023 were also relieved of their duties.
The reshuffle is not merely cosmetic—it is designed to overhaul the operational framework of Nigeria’s flagship oil company, according to a Nigerian State House statement circulated by Mr. Bayo Onanuga, Special Adviser on Information and Strategy to the President.
By establishing an 11-man board that includes experienced technocrats and sector stalwarts, the President aims to elevate operational efficiency, restore investor confidence, and drive the nation’s ambitious plans for gas commercialisation and economic diversification.
The New Leadership: Engineer Bashir Bayo Ojulari at the Helm
At the heart of this radical transformation is Engineer Bashir Bayo Ojulari, a seasoned veteran whose career spans decades across various facets of the oil industry. Hailing from Kwara State and an alumnus of Ahmadu Bello University, Zaria, Ojulari has forged a reputation for his technical expertise and strategic vision.
Prior to his appointment as Group CEO, he served as Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company.
In a landmark deal, his leadership was instrumental in orchestrating a consortium of indigenous energy firms that acquired the entire equity holding in the Shell Petroleum Development Company of Nigeria (SPDC) for a staggering $2.4 billion.
Ojulari’s extensive international experience—spanning roles in Europe, the Middle East, and Nigeria—coupled with his tenure at major industry players such as Elf Aquitaine and Shell, positions him as the ideal candidate to navigate NNPC through a period of ambitious growth.
His appointment is widely seen as a signal of the government’s commitment to tapping into indigenous expertise and redefining the trajectory of Nigeria’s energy sector.
Strategic Reforms and Ambitious Targets
President Tinubu’s reform agenda is underpinned by an aggressive investment and production roadmap. Since the administration took office, sweeping oil sector reforms have yielded substantial dividends, with last year’s figures revealing a $17 billion influx in new investments. The current strategy ambitiously seeks to scale this investment to $30 billion by 2027 and $60 billion by 2030.
Concurrently, the government has set audacious targets to raise oil production to two million barrels daily by 2027, and further to three million barrels daily by 2030. Gas production figures are similarly optimistic, with projections of 8 billion cubic feet daily by 2027, rising to 10 billion cubic feet by 2030.
Furthermore, a significant boost in crude oil refining output—targeted to reach 200,000 barrels by 2027 and 500,000 barrels by 2030—is expected to be a key driver of national growth.
To achieve these targets, President Tinubu has mandated an immediate strategic portfolio review of NNPC-operated and Joint Venture Assets. This review is intended to ensure that every asset is aligned with the overarching goal of value maximisation.
The reforms are poised not only to catalyse investment but also to enhance local content, thereby creating a ripple effect across the nation’s economy.
Balancing Regional Representation and Expertise
In a move that underscores the importance of regional balance, the newly constituted board includes six non-executive directors representing Nigeria’s diverse geopolitical zones.
Bello Rabiu, Yusuf Usman, and Babs Omotowa (a former managing director of the Nigerian Liquified Natural Gas) bring balanced regional insights from the North West, North East, and North Central zones respectively.
From the South-South, South-West, and South-East, non-executive directors Austin Avuru, David Ige, and Henry Obih have been appointed.
This strategic representation is expected to galvanise stakeholder engagement and ensure that the benefits of the oil sector reforms are equitably distributed across the country.
Adding further credibility to the board’s composition are the appointments of Mrs Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, and Aminu Said Ahmed from the Ministry of Petroleum Resources.
Their inclusion is widely anticipated to enhance transparency, regulatory compliance, and fiscal prudence within NNPC’s operations.
A Legacy of Experience and a Vision for the Future
President Tinubu’s decision to embark on such a sweeping reconstitution of NNPC’s board is emblematic of his administration’s commitment to radical reform. While the outgoing board is acknowledged for their efforts—particularly in the rehabilitation of the Port Harcourt and Warri refineries—the new leadership is charged with a mandate to steer the nation’s oil and gas sector into a new era of growth and innovation.
Engineer Bashir Bayo Ojulari’s appointment is a key highlight of this transformation. His proven track record in managing complex projects and securing high-value deals is expected to provide the strategic impetus required to drive Nigeria’s oil sector towards achieving its lofty targets.
As the country stands on the brink of a new chapter in its energy narrative, industry analysts and investors alike will be watching closely to see if these reforms can deliver the much-needed boost to Nigeria’s economy.
In conclusion, President Tinubu’s strategic reshuffle of the NNPC board represents more than a mere change in personnel—it is a bold declaration of intent to transform Nigeria’s oil sector, restore investor confidence, and position the country as a formidable force in the global energy market. With Engineer Bashir Bayo Ojulari now at the helm, the nation’s petroleum future appears both dynamic and promising.
Atlantic Post will continue to monitor developments in Nigeria’s evolving oil sector and provide in-depth analysis as the story unfolds.
- Additional report from Taiwo Adebowale, Senior Business Correspondent
