The Nigeria’s President Bola Tinubu has removed the board of the Nigerian National Petroleum Company (NNPC) including its Group Chief Executive Officer, Mele Kyari and board chairman Pius Akinyelure.
Penpushing reports that the Presidential spokesperson Bayo Onanuga made this known on Wednesday in a statement explaining that the new 11-man board has Engr Bashir Bayo Ojulari as Chief Executive Officer of the Group, as well as Ahmadu Musa Kida as non-executive chairman.
‘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’, Onanuga wrote.
The statement explained that 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’.
‘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’, Onanuga stated
Penpushing further reports that 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.
Penpushing also reports that it is recalled Kyari was first appointed Nigerian National Petroleum Company (NNPC) as Group Chief Executive Officer by former President Muhammadu Buhari but was reappointed in 2023 by President Tinubu.
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