President Bola Tinubu has dismissed Mele Kyari as the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited and dissolved its board. The move, effective April 2, 2025, aims to improve efficiency and attract investors. Bayo Ojulari has been appointed as the new GCEO, while Ahmadu Musa Kida takes over as non-executive chairman.
The restructuring includes appointing Adedapo Segun as the new Chief Financial Officer and six non-executive directors representing Nigeria’s geopolitical zones. The administration is pushing for increased crude oil production, higher refining capacity, and greater investments in the oil sector to boost energy security.
Tinubu’s government has already attracted $17 billion in oil investments since 2023, with plans to reach $30 billion by 2027. The President thanked the outgoing board for their service, especially in reviving the Port Harcourt and Warri refineries.