President Bola Tinubu dismissed the entire board of Nigeria’s National Petroleum Company (NNPC) Limited on Wednesday, initiating a significant restructuring.
Mele Kyari, the group chief executive, and Pius Akinyelure, the chairman, were among those removed.
Bayo Ojulari, a former Shell executive, was appointed as the new CEO.
Tinubu’s administration aims to enhance operational efficiency, boost investor confidence, and drive economic growth within the NNPC.
The company has faced persistent allegations of corruption and mismanagement.
The new leadership is tasked with increasing oil output, curbing oil theft, and reviewing strategic partnerships.
Nigeria’s oil production had fallen below one million barrels per day in 2023.
The government now targets two million barrels per day by 2027 and three million by 2030, with the NNPC expected to contribute significantly.
Sources indicate Tinubu’s concern regarding a “crisis of confidence” in the oil sector, a key component of Nigeria’s economic reforms.
