Tinubu sacks, replaces NNPC board

Recall that the Akinyelure-led board was appointed in November 2023.

Tinuby reconstituted new 11-man board with Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as non-executive chairman.

Adedapo Segun, who replaced Umaru Isa Ajiya as the chief financial officer last November, was 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(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.

All the appointments are effective from April 2.

President Tinubu, invoking the powers granted under Section 59, subsection 2 of the Petroleum Industry Act, 2021, emphasised that the board’s restructuring is crucial for enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialisation and diversification.

President Tinubu directed the new board to conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives.