President Bola Tinubu has made a bold move to revamp the oil and gas industry in Nigeria by appointing the board and management team of the Nigerian National Petroleum Company Limited (NNPCL). The NNPCL is a new entity that will replace the Nigerian National Petroleum Corporation (NNPC) and take over its assets and liabilities. The NNPCL is expected to operate as a commercial and profit-oriented venture, unlike the NNPC, which has been plagued by corruption, inefficiency, and political interference for decades.
Who are the new faces that will steer the NNPCL to a brighter future? What are their qualifications and experiences? How will they transform the oil sector and deliver value to the Nigerian people? These are some of the questions that Nigerians are eager to know as they await the official inauguration of the NNPCL board and management team.
According to a statement from the presidency, the NNPCL board will be chaired by Dr. Akinwumi Adesina, the former president of the African Development Bank and a renowned economist. The board will also include representatives from the six geopolitical zones of the country, as well as experts from the private sector and civil society. The board members are:
- Dr. Akinwumi Adesina (Chairman)
- Mrs. Ngozi Okonjo-Iweala (South-East)
- Mr. Aliko Dangote (North-West)
- Dr. Obiageli Ezekwesili (North-Central)
- Mr. Tony Elumelu (South-South)
- Mr. Wale Tinubu (South-West)
- Dr. Hakeem Baba-Ahmed (North-East)
- Mr. Innocent Chukwuma (Private Sector)
- Ms. Yemi Adamolekun (Civil Society)
The management team of the NNPCL will be led by Mr. Mele Kyari, the former Group Managing Director of the NNPC and a seasoned petroleum engineer. He will be assisted by four executive directors who will oversee the key functions of the NNPCL. The executive directors are:
- Mr. Mele Kyari (Managing Director)
- Mr. Bala Wunti (Executive Director, Exploration and Production)
- Mr. Umar Ajiya (Executive Director, Refining and Petrochemicals)
- Mr. Musa Lawan (Executive Director, Marketing and Distribution)
- Mr. Ahmed Isa (Executive Director, Finance and Accounts)
- President Tinubu has expressed confidence in the new board and management team of the NNPCL, saying that they have the vision, competence, and integrity to reposition the oil sector and make it more transparent, accountable, and profitable. He has also urged them to work as a team and deliver on their mandate of ensuring the optimal utilization of Nigeria’s oil and gas resources for the benefit of the nation.
- The NNPCL is a major component of the Petroleum Industry Act (PIA) that was signed into law by President Tinubu in August 2023. The PIA is a landmark legislation that aims to reform the oil and gas sector and address the challenges of governance, fiscal, environmental, and social issues. The PIA also provides for the establishment of other entities such as the Nigerian Upstream Regulatory Commission, the Nigerian Midstream and Downstream Petroleum Regulatory Authority, the Nigerian National Petroleum Asset Management Company, and the Host Communities Development Trust. The NNPCL board and management team will be sworn in by President Tinubu at the Presidential Villa on Monday, November 27, 2023. The event will be broadcast live on national television and radio stations, as well as online platforms. Nigerians are invited to tune in and witness the dawn of a new era in the oil and gas sector.