The president Bola Ahmed Tinubu, Wednesday, announced the reconstitution of the Board of Directors of the National Petroleum Company (NNPC) of the Nigerian National Petroleum Company (NNPC), with the engineer Bashir Bayo Ojilari appointed CEO of the group (GCare) and Ahmadu Musa Kida, non -executive president.
The two are replacing Mallam Mele Kolo Kyari, and the head Pio Akinelure both were Gace and President of the Board of Directors respectively.
The presidential spokesman, Bayo Onanuga, announced it in a declaration issued in Abuja.
According to the declaration, Adedapo Segun, who replaced Umaru Isa Ajiya as Chief Financial Officer last November, was appointed as part of the president’s new advice.
Six members of the Board of Directors, non -executive directors, represent the geopolitical areas of the country.
I am beautiful Rabiu (North West), Yusuf Usman (North East) and Babs Omotowa, former CEO of Nigerian liquefied natural gas (NLNG), representing the North Central Zone.
In addition, the declaration called Austin Avuru, David Ige and Henry Obih as directors not executive respectively from the South-south, south-west and south-east.
In the same way, the permanent secretary of the Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya, will represent the Ministry of the New Council, while Aminu said that Ahmed will represent the Ministry of Petrolery Resource.
“All appointments are effective today, on April 2. President Tinubu, invoking the powers granted pursuant to section 59, subsection 2 of the Petroleum Industry Act, 2021, underlined that the renovation of the Council is crucial to improve operational efficiency, restore the trust of investors, enhance the local content, guide economic growth and advance the marketing and diversification of gas.
“President Tinubu also distributed an immediate action plan to the new Council: to conduct a strategic revision of the portfolio of activities managed by NNPC and joint venture to ensure alignment with the objectives of maximizing value.
“Since 2023, the Tinubu administration has implemented the reforms of the oil sector to attract investments. Last year, NNPC recorded $ 17 billion in new investments within the sector. The administration now plans to increase investment to $ 30 billion by 2027 and $ 60 billion by 2030.
“The Tinubu administration is aimed at collecting the production of oil for two million barrels every day by 2027 and three million per day by 2030. At the same time, the government wants the production of gas to be expected to 8 billion cubic feet every day by 2027 and 10 billion cubic feet by 2030.
“In addition, President Tinubu provides that the new Council elevates the share of NNPC of the production of refining of the crude oil to 200,000 barrels by 2027 and reaches 500,000 by 2030”, added the note.
… President of the Council
“The new president of the Board of Directors, Ahmadu Musa Kida, is from the State of Borno. He is a pupil of Ahmadu Belli University, Zaria, where he obtained a degree in Civil Engineering in 1984. He also obtained a post -Rasket Diploma in oil engineering at the Institut Institute Du Petrol (IFP) in Paris.
“He began his career in the oil industry at the Elf Petroleum Nigeria and subsequently entered total exploration and production as an engineer of trainees in 1985.
“Musa became the total deputy CEO of Nigeria of Services for Deep Water in 2015. Last year, it became an independent non-executive director at the Pan Ocean-NewCross group.
“Apart from his career in the oil sector, Ahmadu Musa Kida is a former basketball and the President of the Council of the Nigerian basketball Federation (Nbbf).
“Ojulari, the new CEO of Nnpc Limited Group, comes from the state of Kwara. Until his new appointment, he was executive vice -president and operational director of the Renaissance Africa Energy Company. His Renaissance recently guided a consortium of indigenous energy companies.
“Like Kida, Ojulari is also a pupil from Ahmadu Bello University, Zaria. He graduated in Mechanical Engineering. He worked for Elf Aquitaine as the first Nigerian process engineer to start a stellar career in the oil sector. As an elf, he joined the company of Shell Petroleum Development Company of Nigeria Ltd in 1991 as a associated technology.
“In addition to working in Nigeria, he worked in Europe and the Middle East in different skills as an oil engineer and production engineer, strategic planner, field developer and asset manager. In 2015, he became the managing director of the exploration and production company of the Shell Nigeria (Snepco).
“During his career, he was president and member of the Foundation Council of the Society of Petroleum Engineers (Spe Council Nigerian) and a member of the company of Nigerian engineers.
“President Tinubu thanked the old members of the Council for their service dedicated to NNPC Limited, in particular their efforts in rehabilitating the old refineries of Port Harcourt and Warri, who allowed them to resume the production of oil products after prolonged arrests. He wished them well their future activities,” said Almanuga.
… Tomplo Lauds the change of leadership
Loding President Tinubu on the change of leadership, the president of Tanta Security Services Nigeria Limited (TSSNL), High Chief (Dr.) Government Oweizide Ekpemupolo (Aka Tompolo), described this nomination as a significant step forward for nnpcl and the entire oil and Nigerian gas sector “.
In a statement, Wednesday, Tompolo said: “His thoughtful selection of highly qualified professionals to guide Nnpcl at this critical moment demonstrates his unshakable commitment for excellence. This decision further underlines the dedication of his administration to ensure that only capable leaders are entrusted to advance the oil sector of Nigeria at its potential.
“The new management and the Council face both significant and great opportunities. However, we are confident in their ability to promote the renovation of NNPCL. Under their guide, we believe that the ambitious goal of the president to expand in rapid expansion the local refining capacity and the increase in the production of crude oil of Nigeria at 2 million barrels per day will not only be reached but will not be exceeded.”
“Tssnl remains committed to supporting nnpcl in guaranteeing and improving the production of oil of Nigeria. With our vast competence in the protection of oil resources and our strong ties within the Niger delta, we are a trusted partner in ensuring that the resources of the country save the safeguard and we use it emerging for Mandimo. Added.
… Analyst on the sustainability of prudence
In a reaction, an analyst of the oil industry, Ifeanyi Onubu, urged the new leadership to support Kyari’s transparency, responsibility and performance agenda.
“As evident, within his first year in the saddle, Nnpcl was able to reduce losses from n803 billion in 2018 to n1.7 billion in 2019. In 2020, the company declared a net profit of N287 billion, an epochal result since its inception in 1977.
“While companies around the world have fought with the reception forces and the weak economic perspectives in the aftermath of the Covid-19 pandemic, in 2021, the company recorded a profit of N674 billion, an increase in N387 billion or 134.8 percent compared to the N287 billion of N287 billion recorded in 2020. Total from N15.86 TN in 2020 to N16.27TN in 2021;
“Given the cautious and cunning trajectory of Kyari, the position of the fund of the shareholders also followed a swing upwards while going up to N2.81TN in 2021 against N1.15TN in 2020. In 2022, the profit of the company grew to N2.548TN, followed by a total of Tota N246.8TN, more than the nominal GDP”, he said.
… Abdulrazaq greets Ojulari
In addition, the governor of the state of Kwara Abdulrahman Abdulrazaq described the appointment of Ojilari as another big problem for Kwara and his people, arriving a few days after the appointment of Ibrahim Oloriegbe as president of the National Health Insurance Authority (NHIA).
In a statement by his head of the press secretary, Rafiu Ajakaye, the governor congratulated the choice and expressed confidence in the ability of the new Gceton to take the industry.
He said: “On behalf of the people and the government of the state of Kwara, I express our profound appreciation for the president for these appointments in the list A. We are very proud to be an integral part of the president’s team,” said the governor in a statement on Wednesday morning.
“Our prayers, best wishes and support are with the new named and those who in front of them. With the interested parties gathering behind Engr. Ojilari, we are confident that will bring the oil sector to a height.
… nnpc welcomes the new card
By welcoming the new team, the NNPC management team, while citing Tinubu, said that the “Kyari leadership and the tireless efforts have left an indelible mark on the NNPC Ltd.
“We are sincerely grateful for his exceptional contribution. We wish him and all the members of the starting Council that continue success and the realization in their future efforts”, said in a declaration of the Chief Corporate Communications Officer of the company, Olufemi Soneye.