"President Tinubu removed all other board members appointed with Akinyelure and Kyari in November 2023," Mr Onanuga wrote."
President Bola Tinubu has sacked the board of the Nigerian National Petroleum Company (NNPC) including its Group Chief Executive Officer, Mele Kyari and board chairman Pius Akinyelure.
The sack was announced by presidential spokesperson Bayo Onanuga in an early Wednesday morning statement posted on X.
"President Tinubu removed all other board members appointed with Akinyelure and Kyari in November 2023," Mr Onanuga wrote.
Mr Kyari was first appointed NNPC chief by former President Muhammadu Buhari but was reappointed in 2023 by President Tinubu.
Afcording to Wednesday's statement, the president also appointed a new board including a new GCEO.
"The new 11-man board has Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa Kida as non-executive chairman," Mr Onanuga wrote.
Read the full statement below.
STATEHOUSE PRESS RELEASE
PRESIDENT TINUBU RECONSTITUTES NNPC LIMITED BOARD, APPOINTS NEW CHAIRMAN, GROUP CEO
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.
President Tinubu removed all other board members appointed with Akinyelure and Kyari in November 2023.
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.
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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.
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.
