…Tinubu Eyes Three Million Barrels Per Day Crude Production By 2030
By Eseoghene Emuke
For over a year after groups and some Nigerians demanded the removal of the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, President Bola Tinubu on Wednesday approved the dissolution of the board relieving Kyari and chairman of the board, Chief Pius Akinyelure, of their positions.
In Kyari’s place, President Tinubu appointed Engineer Bashir Bayo Ojulari from Kwara State as the new Group CEO of NNPCL, while Ahmadu Musa Kida from Borno State replaced Akinyelure as Non-Executive Chairman.
Tinubu also appointed Adedapo Segun to replace Umaru Isa Ajiya who was just appointed last November as the Chief Financial Officer of NNPCL, while six Non-Executive Directors were equally appointed to represent the six geopolitical zones of the country on the new board.
In a statement on Wednesday by the Special Adviser to the President (Information & Strategy), Mr. Bayo Onanuga, said the appointments take immediate effect.
Recall that President Tinubu had removed all other board members appointed with Akinyelure and Kyari in November 2023. The positions had remained vacant prior before this new appointment.
In the reconstitute board, the oil-rich South-South region got the position of Non-Executive Director which the popular oil intellectual, Chief Austin Avuru from Abbi community in Delta State, was appointed to fill.
The likes of late Chief Edwin Clark and other Niger Delta leaders in the past demanded for the appointment of an indigene of the oil-rich region be appointed as either Group CEO or chairman of the board.
Tinubu in the statement released on Wednesday by Onanuga said, “President Bola Ahmed Tinubu has approved a sweeping reconstitution of the Nigerian National Petroleum Company (NNPC) Limited board, removing the chairman, Chief Pius Akinyelure and the group chief executive officer, Mallam Mele Kolo Kyari.
“The new 11-man board has 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, has 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( NLNG), who represents 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.”
Also appointed by President Tinubu was Mrs Lydia Shehu Jafiya, permanent secretary of the Federal Ministry of Finance, to represent the ministry on the new board, while Aminu Said Ahmed will represent the Ministry of Petroleum Resources.
“All the appointments are effective today, 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 also handed out an immediate action plan to the new board: to conduct a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximisation objectives.
“Since 2023, the Tinubu administration has implemented oil sector reforms to attract investment. Last year, NNPC reported $17 billion in new investments within the sector. The administration now envisions increasing the investment to $30 billion by 2027 and $60 billion by 2030”, the statement added.
President Tinubu said ongoing reforms in the oil and gas sector are gear towards making the nation attractive, stressing that his administration would raise oil production to two million barrels daily by 2027 and three million daily by 2030.
“The Tinubu administration targets raising oil production to two million barrels daily by 2027 and three million daily by 2030. Concurrently, the government wants gas production jacked to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.
“Furthermore, President Tinubu expects the new board to elevate NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 by 2030.
“President Tinubu thanked the old board members for their dedicated service to NNPC Limited, particularly their efforts in rehabilitating the old Port Harcourt and Warri refineries, which enabled them to resume petroleum product production after prolonged shutdowns. He wished them well in their future endeavours”, it further added.
