President Bola Ahmed Tinubu officially inaugurated the new board and executive management team of the Nigerian National Petroleum Company Limited (NNPCL) on May 22, 2025, at the State House in Abuja. This marks a pivotal moment for Nigeria’s state-owned oil company as it embarks on a fresh phase under new leadership aimed at boosting efficiency, attracting investment, and supporting the nation’s broader economic objectives.
The new NNPCL board comprises 11 members representing Nigeria’s six geopolitical zones, a move that ensures regional diversity in decision-making. Among the key appointments is Bayo Ojulari, named Group Chief Executive Officer (GCEO). Ojulari brings extensive experience from his career in the oil and gas sector, having held leadership roles at Shell Nigeria Exploration and Production Company as well as Renaissance Africa Energy Co. His technical expertise and deep industry knowledge position him to steer the company through the evolving energy landscape.
The board is chaired by Ahmadu Musa Kida, a seasoned industry veteran and former executive at Total. His experience is expected to provide strong governance and strategic guidance to the company. Other notable board members include Babs Omotowa from the North Central zone, who previously served as Managing Director of Nigeria Liquefied Natural Gas (NLNG), and Austin Avuru from the South-South zone, co-founder and former CEO of Seplat Petroleum Development Company. Their combined experience in upstream and downstream oil sectors adds significant strength to the leadership team.
In addition, Adedapo Segun, appointed Chief Financial Officer in November 2024, represents the North West zone, while Yusuf Usman represents the North East. The South East and South West zones are represented by Henry Obih and David Ige, respectively, both of whom bring substantial energy sector experience. The board also includes Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, and Aminu Said Ahmed from the Ministry of Petroleum Resources, ensuring close coordination between the company and government policies.
President Tinubu’s inauguration speech focused on the critical role the new board will play in Nigeria’s economic reforms. He urged the members to leverage their expertise to reposition NNPCL as a more commercially driven and globally competitive entity. According to the President, the company must explore all options that can create a win-win situation for Nigeria, enhancing its oil production, refining capacity, and overall energy security.
The President expressed confidence in the board’s ability to navigate challenges posed by the global energy sector, including fluctuating oil prices and the shift towards cleaner energy alternatives. He emphasized the importance of turning the company into an engine of economic growth, highlighting that NNPCL must be instrumental in achieving national energy goals and boosting revenue for the government.
This board inauguration comes at a time when Nigeria’s oil sector is undergoing significant reforms aimed at improving transparency, governance, and operational efficiency. The government’s goal is to attract more private investment and technology into the sector, thereby increasing production capacity and reducing dependence on fuel imports.
The new leadership at NNPCL is expected to build on recent efforts to commercialize and streamline operations within the company. Transitioning from a traditional state-owned monopoly to a commercially oriented corporation, NNPCL aims to compete effectively with private firms both locally and internationally. This strategic shift aligns with Nigeria’s broader economic vision to diversify its revenue sources and reduce vulnerabilities linked to oil price volatility.
In his remarks, the GCEO, Bayo Ojulari, acknowledged the enormous responsibility that comes with leading Nigeria’s flagship oil company. He pledged to work closely with the board, government agencies, and stakeholders to implement reforms that will enhance productivity, foster innovation, and ensure sustainable growth in the sector.
Ojulari also highlighted the need to strengthen Nigeria’s refining capacity to reduce the country’s chronic dependence on imported petroleum products. Improving refineries and expanding local production of refined products is seen as a key factor in stabilizing fuel supply and prices for Nigerians.
Furthermore, the board’s composition reflects a commitment to inclusive governance, with members drawn from diverse regions and backgrounds. This approach aims to ensure that the company’s policies and projects benefit all parts of Nigeria, promoting equitable development alongside economic progress.
The Ministry of Petroleum Resources will continue to work closely with the NNPCL board to provide policy direction and oversight. The inclusion of top officials from the ministry on the board underscores the government’s focus on coordinated efforts to harness Nigeria’s vast hydrocarbon resources responsibly.
The inauguration ceremony also signaled the administration’s intention to restore confidence in Nigeria’s oil sector, both domestically and internationally. By appointing experienced professionals with proven track records, the government hopes to send a strong message to investors, partners, and stakeholders about its commitment to reform and growth.
Looking ahead, the board faces the challenge of balancing short-term operational improvements with long-term strategic planning. This includes addressing infrastructural deficits, adopting new technologies, and aligning with global energy transition trends. Success in these areas will be vital for Nigeria to maintain its position as a leading oil producer in Africa.
In summary, the inauguration of the NNPCL board by President Bola Ahmed Tinubu is a significant step in Nigeria’s ongoing efforts to reform and revitalize its oil sector. With a team of seasoned professionals and strong government backing, the company is poised to enhance its operational efficiency, increase production, and contribute more effectively to national development.
This new leadership era aims to ensure that Nigeria’s vast oil and gas resources are managed with greater accountability and commercial focus, ultimately supporting economic stability and growth for the country.
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