President Bola Tinubu has approved the restructuring of the Nigerian National Petroleum Company (NNPC) Limited board, removing the Chairman, Chief Pius Akinyelure and the Group Chief Executive Officer, Mallam Mele Kyari.
According to a statement by Special Adviser to the President (Information & Strategy), Bayo Onanuga, in the early hours of Wednesday, the President removed all other board members appointed with Akinyelure and Kyari in November 2023.
President Tinubu, invoking the powers granted under Section 59, subsection 2 of the Petroleum Industry Act, 2021, emphasised that the board’s reconstitution was crucial for improving operational efficiency
He also gave the new board an immediate action plan to conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives.
Furthermore, President Tinubu expects the new board to increase NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 by 2030.
The new 11-man board has Engineer Bashir Ojulari as the Group CEO and Ahmadu Kida as Non-Executive Chairman.
All the appointments are effective from the 2nd of April
News Edited by Favour Owonibi