By Danlami Nasir Isah
In a decisive move to strengthen Nigeria’s energy sector and consolidate economic reforms, President Bola Ahmed Tinubu inaugurated the newly reconstituted Board of the Nigerian National Petroleum Company Limited (NNPC Ltd) on May 22, 2025. The inauguration, held at the State House in Abuja, underscores the administration’s strategic commitment to repositioning NNPC Ltd as a cornerstone of Nigeria’s economic resurgence. Addressing the newly appointed board, President Tinubu emphasised his confidence in their ability to deliver on the promise of national economic revitalisation.
A Call to Duty: Leadership Rooted in Integrity and Expertise
President Tinubu stated that the selection of the new board members was a deliberate and painstaking process aimed at ensuring quality leadership. “When I started searching, it took a while to come up with the kind of character that you represent,” the President said. “You represent the best in the industry, and I have set goals for you.”
With a firm belief in their professional pedigree, the President called the board members to a higher standard of national service, saying, “You have the reputation, resourcefulness, and experience to help the country. It is a call to duty for you.” This sentiment reflects a strategic pivot by the administration toward leveraging industry excellence for national development.
The inauguration took place against the backdrop of Nigeria’s ongoing economic reforms; the President noted that these reforms have led to growing confidence in Nigeria’s economy, with renewed competitiveness and resilience that are drawing the attention of global investors.
“Nigeria has come of age. It is now more competitive and turning the corner,” President Tinubu declared. “With your highly respected team, I can relax and attend to other issues. Thank you for accepting the opportunity to serve your country and our dear country.”
These reforms include fiscal adjustments, improved governance practices in public institutions, and a renewed push for public-private partnerships, particularly in strategic sectors such as oil and gas. The NNPC Ltd is expected to be a catalyst in these efforts, acting as a commercially viable and investor-friendly national oil company.
The New Board: A Symbol of Reform
The new NNPC Ltd Board is chaired by Ahmadu Musa Kida, a seasoned professional who pledged to uphold integrity and excellence in executing the President’s vision. In his remarks, Kida expressed gratitude to the President for entrusting the team with the responsibility of leading one of Nigeria’s most important institutions.
“We shall uphold the highest standard of leadership, courage, and integrity in delivering on the President’s mandate,” he stated, affirming the board’s commitment to transforming the NNPC Ltd into a globally competitive and profit-driven enterprise.
The Group Chief Executive Officer (GCEO), Engineer Bashir Bayo Ojulari, echoed this commitment. Ojulari, with extensive experience in the oil and gas sector, revealed that the board had already begun engaging stakeholders and implementing strategic reforms.
“We have had several meetings, and we have set a direction with the mandate that you have given us,” Ojulari told the President. “We have commenced the journey with a bi-weekly meeting with stakeholders.”
Production Gains and Operational Optimisation
One of the early achievements under the new leadership has been an increase in daily oil production. Ojulari reported that production had risen from 1.5 million barrels per day to 1.7 million barrels within two months, with a target of reaching 1.9 million barrels per day by the end of the year. This uptick reflects intensified operational focus and ongoing efforts to optimise oil exploration and production.
Part of this optimisation includes the long-awaited turnaround maintenance of Nigeria’s refineries—an area that has historically undermined the country’s energy independence. Ojulari noted that the board had started addressing operational inefficiencies and was committed to delivering measurable results.
We will promise what we can deliver, and we will deliver on our promise,” he affirmed, drawing a sharp contrast with past administrations whose pledges to reform the refineries often went unfulfilled.
Restoring Investor Confidence Through Reform
Crucially, Ojulari highlighted the positive market reception of the administration’s broader economic agenda. According to him, President Tinubu’s reformist posture has begun sending the right signals to global investors, increasing the flow of foreign direct investment (FDI) into the country.
“Your economic reform has sent the right signals to attract foreign direct investments,” Ojulari said. “We assure you that NNPC Ltd will operate as a business, and we are committed to transparency, accountability, and performance.”
This represents a major pivot for NNPC Ltd, which for decades functioned more as a bureaucratic arm of the state than a competitive player in global oil markets. Under the current framework, NNPC Ltd operates under the Petroleum Industry Act (PIA), which grants it autonomy to operate as a commercial entity, allowing it to borrow, invest, and partner like any other oil and gas company.
The Expectations Are High—Africa Is Watching
Minister of State for Petroleum, Heineken Lokpobiri, reinforced the significance of the board’s composition by stating that it was attracting attention far beyond Nigeria’s borders. He revealed that stakeholders across Africa, including peers from the Organisation of the Petroleum Exporting Countries (OPEC), have expressed optimism about the board’s potential.
“I got calls from the whole of Africa, my colleagues in OPEC, saying that if this team does not deliver, Nigeria will have to import men from another planet to come and deliver the oil and gas sector,” Lokpobiri humorously remarked.
This statement, though made in jest, captures the weight of expectations placed on the new leadership. As Africa’s largest oil producer and one of the continent’s economic powerhouses, Nigeria’s performance in the oil and gas sector has continental implications.
Strategic Vision: Self-Reliance Amid Global Uncertainty
President Tinubu also touched on the importance of domestic resilience in the face of global economic volatility. He emphasised the need for the NNPC Ltd to “explore all options for a win-win situation for Nigeria,” particularly as the international oil market experiences turbulence due to geopolitical tensions, energy transition demands, and shifting investor sentiment.
He urged the board to look inward for solutions that can drive long-term self-reliance, create jobs, and stimulate industrial growth. The President’s charge to the board is not just operational—it is deeply strategic, aligning with his administration’s broader vision of economic sovereignty.
Looking Ahead: Turning Promise into Performance
The reconstitution and inauguration of the new NNPC Ltd Board are not merely ceremonial; they signify a turning point in Nigeria’s effort to align its most strategic state-owned enterprise with international standards of corporate governance, transparency, and profitability. With clear deliverables, rising production figures, and early signs of restored investor confidence, the board now carries the heavy responsibility of converting reformist rhetoric into measurable impact.
With President Tinubu’s backing and a wealth of experience among its members, the new board must move decisively to implement overdue reforms, streamline operations, and ensure Nigeria’s oil wealth translates into sustainable national prosperity. Failure is not an option, not just because of domestic pressures, but because the entire continent—and the world—will be watching.
President Bola Tinubu’s administration has set the stage for transformative change in Nigeria’s oil and gas sector. By inaugurating a new, experienced, and committed board for NNPC Ltd, the President has made a bold statement of intent. The mandate is clear: deliver results, operate transparently, and position NNPC Ltd as a cornerstone of Nigeria’s economic renewal.
As the new leadership settles into its role, the coming months will be critical in determining whether this momentum can be sustained and translated into real progress. If successful, the board’s work could mark the beginning of a new era for Nigeria’s oil sector—one defined not by missed opportunities, but by innovation, growth, and resilience.