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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.

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.

Since 2023, the Tinubu administration has implemented oil sector reforms to attract investment. Last year, NNPC reported $17 billion in new investments within the sector. The administration now envisions increasing the investment to $30 billion by 2027 and $60 billion by 2030.

The Tinubu administration targets raising oil production to two million barrels daily by 2027 and three million daily by 2030. Concurrently, the government wants gas production jacked to 8 billion cubic feet daily by 2027 and 10 billion cubic feet by 2030.

Furthermore, President Tinubu expects the new board to elevate NNPC’s share of crude oil refining output to 200,000 barrels by 2027 and reach 500,000 by 2030.

The new board chairman, Ahmadu Musa Kida, is from Borno State. He is an alumnus of Ahmadu Bello University, Zaria, where he received a degree in civil engineering in 1984. He also obtained a postgraduate diploma in petroleum engineering from the Institut Francaise du Petrol (IFP) in Paris

He started his career in the oil industry at Elf Petroleum Nigeria and later joined Total Exploration and Production as a trainee engineer in 1985.

Musa became Total Nigeria’s Deputy Managing Director of Deep Water Services in 2015. Last year, he became an Independent Non-Executive Director at Pan Ocean-Newcross Group.

Apart from his oil industry career, Ahmadu Musa Kida is a former basketballer and the president of the Nigerian Basketball Federation(NBBF) board.

Ojulari, the new NNPC Limited Group CEO, hails from Kwara State. Until his new appointment, He was Executive Vice President and Chief Operating Officer of Renaissance Africa Energy Company. His Renaissance recently led a consortium of indigenous energy firms in the landmark acquisition of the entire equity holding in the Shell Petroleum Development Company of Nigeria (SPDC), worth $2.4 billion.

Like Kida, Ojulari is also an alumnus of Ahmadu Bello University, Zaria. He graduated with a degree in Mechanical Engineering. He worked for Elf Aquitaine as the first Nigerian process engineer to begin a stellar career in the oil sector. From Elf, he joined Shell Petroleum Development Company of Nigeria Ltd in 1991 as an associate production technologist.

Apart from working in Nigeria, he worked in Europe and the Middle East in different capacities as a petroleum process and production engineer, strategic planner, field developer, and asset manager. In 2015, he became the managing director of Shell Nigeria Exploration and Production Company (SNEPCO).

During his career, he was chairman and member of the board of trustees of the Society of Petroleum Engineers (SPE Nigerian Council) and a fellow of the Nigerian Society of Engineers.

President Tinubu thanked the old board members for their dedicated service to NNPC Limited, particularly their efforts in rehabilitating the old Port Harcourt and Warri refineries, which enabled them to resume petroleum product production after prolonged shutdowns. He wished them well in their future endeavours.

Bayo Onanuga
Special Adviser to the President
(Information & Strategy)

April 2, 2025

Source: NNPC

Our CEO, Osayande Igiehon on TVC at sharing valuable insights on business development with Heirs Energies and the Prospects for Crude Oil Production in Nigeria.

Abuja, Nigeria | February 24, 2025 – Heirs Energies, Africa’s fastest growing indigenous integrated energy company, hosted its inaugural Petroleum Industry Leadership Dialogue at the Transcorp Hilton Abuja, bringing together public and private sector leaders to accelerate Nigeria’s production growth.

Heirs Holdings’ subsidiary, Heirs Energies, convened the forum, moderated by CEO of Heirs Energies, Osayande Igiehon, and which
featured distinguished speakers including the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; Chief
Commission Executive, NUPRC, Engr. Gbenga Komolafe; Chairman, OPEC Board of Governors and CEO, First E&P, Adewale Adeyemo-Bero; Executive Vice-President Upstream, NNPC Limited, Udobong Ntia and CEO of Seplat Energy Plc, Roger Brown.

With a new administration and ambitious targets for production critical for Nigeria’s economic growth, the Dialogue provided a timely venue for private and public sectors to continue the successful interaction, that has already seen Nigeria crude production grow by 25%, since May 2023. Speakers highlighted how a series of Presidential Executive Orders had radically reshaped the operating environment and catalysed industry growth. Indigenous oil and gas companies were now responsible for more than 60% of Nigeria’s crude output and the successful indigenisation programme was delivering a bold new chapter in Nigeria’s natural resources history.

Tony Elumelu, Founder and Chairman of Heirs Holdings and Chairman of Heirs Energies, in his opening remarks, paid tribute to the catalytic role that current government had played in reinvigorating the sector. Mr Elumelu also set out Heirs Holdings’ vision of transforming Africa’s energy landscape, through indigenous leadership and sustainable development.

Heirs Energies, in just four years, had rapidly grown its production from 21,000 to over 50,000 barrels per day of hydrocarbon.

Mr Elumelu also welcomed both public and private sector guests, emphasising the strong spirit of collaboration that underscored the
successful indigenisation:

“Production growth, ambitious and sustained, is our shared national mission. I am honoured that Heirs Energies is bringing together
distinguished peers from the industry and our partners in government.

As an investor not just in resources, but in Nigeria’s power production and distribution sectors, all of us, need to come together to ensure
Nigerians get the benefits of our resources. As we build Africa’s largest integrated energy business, innovation and collaboration are central to our execution”.

The dialogue affirmed Nigeria’s commitment to increasing production, while maintaining environmental responsibility and leveraging gas as a transition fuel.

Speaking at the forum, Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, applauded Heirs Energies for hosting this inaugural event, “Let me express our gratitude to Heirs Energies for providing this platform for meaningful industry engagement.” The Minister announced Nigeria’s oil production had reached 1.8 million barrels per day in January 2025 and set an ambitious target of 2.5 million barrels per day for 2025. He also reaffirmed the administration’s “drill or drop” policy to accelerate production growth.

The Petroleum Industry Leadership Dialogue, which will become an annual event, brought together key stakeholders in the oil and gas industry, including MD of The Shell Petroleum Development Company of Nigeria Limited, Osagie Okunbor; Managing Director of Aradel
Holdings, Adegbite Falade and industry veteran and founder of Platform Petroleum & Managing Director A.A Holdings, Austin Avuru, among others.

NUPRC Chief Executive, Engr. Gbenga Komolafe, empahsised the dialogues significance in advancing the sectors objectives, “I thank Heirs Energies for this beautiful initiative of putting together the Petroleum Industry Leadership Dialogue as a commitment to achieving our national objective in the upstream sector.” He highlighted the surge in active drilling rigs to 38, with projections to reach 50 by March 2025.

OPEC Board of Governors Chairman for Nigeria and CEO, First E&P, Ademola Adeyemi-Bero, commended the forum’s timing, noting “It’s
apt. It’s early in the year and it’s about how we grow production. That’s why you see all of us participating.” He shared how indigenous operators have successfully increased production, citing his company’s achievement of 57,000 barrels per day from previously untapped fields.

Heirs Energies CEO, Osa Igiehon, reinforced this perspective, showcasing Heirs Energies’ impact in Nigeria’s onshore sector. “Our success at Heirs Energies demonstrates what’s possible in Nigeria’s onshore sector, through our Brownfield Excellence Strategy, robust
security measures, and genuine community partnership,” he said. “By tripling our producing wells to over 100, we’ve shown how indigenous operators can efficiently unlock value while ensuring sustainable development of host communities.”

The Petroleum Industry Leadership Dialogue also exemplified Heirs Energies’ commitment to Mr Elumelu’s Africapitalism, the private sector’s transformative role in driving Africa’s economic and social development through strategic, long-term investments hinged on partnership and collaboration.

Heirs Energies Limited is Africa’s leading indigenous-owned integrated energy company, committed to meeting Africa’s unique energy needs while aligning with global sustainability goals. With a strong focus on innovation, environmental responsibility, and community development, Heirs Energies leads in the evolving energy landscape and contributes to a more prosperous Africa.

Heirs Energies is a key implementor of Heirs Holdings integrated energy strategy, Africa’s largest integrated energy business, whose objective is to ensure Africans benefit directly from their continent’s resources.

HEIRS ENERGIES LEADERSHIP FORUM 2025
L-R: CCE, NUPRC, Engr. Gbenga Komolafe; CEO, Heirs Energies, Osa Igiehon; Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; Founder/Chairman, Heirs Holdings and Chairman Heirs Energies, Tony O. Elumelu, CFR; OPEC Board of Governors Chairman for Nigeria & CEO, First E&P, Ademola Adeyemi-Bero; CEO, Seplat Energy, Roger Brown and Executive Vice President, Upstream, NNPC Limited, Udobong Ntia, at the Heirs Energies’ Nigeria Petroleum Industry Discourse which held at the Transcorp Hilton Abuja.

Our CEO, Osa Igiehon, appeared on Arise Xchange to discuss how Nigeria can push production to 2.7 million barrels/day, the power of indigenous operators like Heirs Energies, and why gas is central to Africa’s energy needs. He emphasized the “AND” approach – fossil fuels and renewables – to meet growing demand.

Osa Igiehon CEO, Heirs Energies recently featured in an insightful interview with the Financial Times. The interview covers Nigeria’s current oil production challenges, and the significant contributions Heirs Energies is making in the sector.
In the interview, Osa Igiehon discusses:

• Heirs Energies’ role in Nigeria’s oil and gas production.
• Challenges such as theft and investment hurdles.
• The broader energy transition and the emergence of indigenous companies.

Watch Here

Full Speech: Osayande Igiehon, CEO Heirs Energies (Representing Mr Tony O. Elumelu CFR, Chairman UBA, Heirs Holdings and Transcorp Plc) at the Niger Delta Stakeholder’s Summit 2024 at Obi Wali International Conference Centre, Port Harcourt, 12^th July 2024 on “Renewed Hope for Sustainable Development In The Niger Delta”

His Excellency, Bola Ahmed Tinubu, GCFR

The President, Commander-in-Chief, Federal Republic of Nigeria

Dr Goodluck Jonathan, GCFR, Former President, Federal Republic of Nigeria.

Senator Godswill Akpabio, CON, President of The Senate

All other protocols observed.

Good morning distinguished guests, stakeholders, and fellow proud sons and daughters of the Niger Delta.

It is a great honor to be here with you today, on behalf of Mr. Tony Elumelu CFR.

We congratulate the Board and Management of the Niger Delta Development Commission (NDDC) for hosting this epoch summit, to deliberate on the Niger Delta, the Renewed Hope agenda of our dear President Tinubu and how this agenda will bring sustainable development to the Region.

As many of you know, Mr. Elumelu hails from Delta State and is a passionate believer in the tremendous potential of the Niger Delta and its people. Being Edo myself, I am quite pleased for this opportunity to give our reflections on this important theme.

The Renewed Hope Agenda is the transformative platform of our dear President Tinubu, which is hinged on the core pillars of Democracy, Development, Demographics, and Diaspora Engagement.

Classically, sustainable development refers to the ability to meet the needs of the present generation without compromising the ability of future generations to meet their own needs.

Furthermore, the United Nations has developed a Sustainable Development Goals Program with several key objectives that are crucial to the development of the Niger Delta, namely addressing poverty and hunger; providing health, education, and decent work; providing infrastructure and affordable energy; making communities and cities sustainable; and taking the necessary actions to address the impacts of climate change.

Against this backdrop, we see that the sustainable development of the Niger Delta requires all the stakeholders represented in this summit today – the Federal, State, and Local Governments and their organs and agencies; the private sector; traditional and community institutions; civil society; and the public at large.

The Summit’s theme of “Renewed Hope for Sustainable Development in the Niger Delta” resonates deeply with us, because, for too long, the story of the Niger Delta has been one of unfulfilled potential, environmental degradation, and economic exclusion. And, we believe that a new chapter in the long story is being written – one defined by more sustainable growth, shared prosperity and empowered communities.

The Renewed Hope agenda of Mr President therefore will be pivotal to the advancement of sustainable development of the Niger Delta on many fronts.

Looking at the private sector, we at HeirsHoldings have consistently espoused that the African private sector must play a leading role in Africa’s development. This is one of the key tenets of our philosophy called Africapitalism, which is at the heart of everything we do.

With Africapitalism, we seek to create both economic and social value in all our investments and operations. We measure our success not just by the profits we generate, but by the jobs we create, the businesses we empower, our environmental responsibility and the communities we uplift.

At Heirs Holdings, we are deeply committed to driving sustainable development and creating shared prosperity across Africa. To date, our companies employ over 40,000 people in more than 20 African countries

Here in the Niger Delta, the heartland of Nigeria’s oil and gas industry, we are demonstrating our dedication to the region through our strategic investments and operations. Our oil and gas subsidiary, Heirs Energies Limited, operates significant OML17 in Rivers State. Notably, 100% of the gas produced from OML17 is channeled into the domestic market, providing critical energy supply to power industries, hospitals, homes, and schools across the region. This not only brings economic relief to the people, but also underscores our commitment to catalyzing local development.

In the power sector, Transcorp operates two significant plants in the Niger Delta: the Ughelli Power Plant in Delta State and the Trans Afam Power Plant here in Rivers State. With a combined installed capacity of 3000MW, these investments are strategically positioned to transform lives by expanding access to reliable and affordable electricity.

Our business investments demonstrates our belief that indigenous companies like ours have a unique role and responsibility in driving the Niger Delta’s growth and prosperity, and we are proud to be leading by example.

Beyond our business activities, the Tony Elumelu Foundation has to date empowered over 20,000 young African entrepreneurs, including thousands here in the Niger Delta, providing them with the capital and training to launch and grow their businesses.

As the Head of Heirs Holdings’ Oil and Gas investments, I have had the privilege of working closely with Mr. Elumelu, witnessing his vision and passion for driving Africa’s growth through entrepreneurship and private-sector innovation. He always emphasizes that while the private sector has a vital role, it cannot succeed in isolation. Systemic challenges from infrastructure deficits to skills gaps to a difficult business environment, can stifle even the most promising entrepreneurial spirits.

This situation is evident in many places, including the Niger Delta, where we have been grappling with many challenges over the years, including  poverty, environmental degradation, social unrest, and an over-reliance on oil and gas. However, Mr. Elumelu has also instilled in us an unshaken belief that a new future is possible for the Niger Delta – a future where every person can have a decent life, access quality fundamentals of life – food, shelter, healthcare education, etc and be engaged economically; where local businesses can thrive and grow; where communities are healthy, peaceful and resilient; and where the benefits of the region’s vast natural resources are shared equitably.

Achieving this vision will not be easy. It will require all of us – government, business, civil society, and communities – to work together in new ways. It will demand sustained commitment, innovative thinking, and difficult compromises. But I assure you today, it can be done!

We have seen determined leaders and engaged citizens come together to transform even the most challenging circumstances. With the right policies, investments and partnerships, we can build an economy in the Niger Delta that is diverse, inclusive and sustainable. An economy that creates opportunities for all. An economy that harnesses the dynamism of the private sector while ensuring that growth is broadly shared. This is the renewed hope that this moment demands of us.

So, beyond Mt President’s agenda in itself,  Renewed Hope is a call to action to all stakeholders, that we should rekindle our interest and intellect, that we should shore up our courage and the resilience that we are known for as Nigerians; that we should face the tasks at hand with resolve and enthusiasm, and with a clear conviction that the challenges of sustainably developing the Delta is possible. And that we should commit to this objectives, under the leadership of Mr President and the critical initiatives being deployed under Renewed Hope agenda.

At Heirs Holdings, under Mr. Elumelu’s leadership and vision, we are fully committed to this task. We stand ready to work with all of you to seize this opportunity and to build a more just, prosperous, and peaceful future for the Niger Delta and all its people.

As a son of the Niger Delta myself, I am energized by the dynamism, creativity, and resilience I see in our young people every day. With the right support and opportunities, they will be the drivers of the region’s rebirth and renewal.

Together, let us seize this moment to make the Niger Delta the pride of Nigeria and the world.

Thank you.