President Bola Tinubu on Thursday inaugurated the newly appointed board of the Nigerian National Petroleum Company Limited (NNPCL), with Chairman Musa Kida declaring the board’s commitment to delivering sweeping reforms and full transparency in the oil and gas sector.
The inauguration took place at the Presidential Villa in Abuja, marking the official start of a mandate that the new board describes as both challenging and critical to Nigeria’s energy future.
Kida: We’ll Run NNPCL with Integrity and Openness
Addressing journalists shortly after the ceremony, Kida appealed to Nigerians for patience as the board begins what he called “a major task” of repositioning the national oil company.
“This assignment is enormous, but we accept it with honour and determination. Nigerians will get the truth from us—whether it’s easy to hear or not,” Kida said.
He assured that the company would be governed with a high level of accountability, especially now that it operates as a limited liability company under the Petroleum Industry Act (PIA).
“We will uphold best practices in governance, attract investment, fix refineries, and drive production. The shift to a commercial structure means the bar is higher, and we are ready to meet it,” he added.
IPO Plans Will Follow Structural Overhaul
On the potential listing of NNPCL on the Nigerian Stock Exchange, Kida confirmed that discussions are ongoing but insisted the company would only go public after strengthening its internal systems and governance frameworks.
“Before listing, we must build public confidence and prove we’re investor-ready. Our goal is to make NNPCL a company every Nigerian can own and trust,” he said.
Kida also stressed that transparency would be a hallmark of the board’s leadership style.
“We’ll operate openly and honestly. Personal integrity will guide our actions, and we will never hide the facts from Nigerians,” he added.
Balanced and Experienced Board Takes Shape
The 11-member board reflects regional diversity and industry depth. Members include:
- Adedapo Segun and Bello Rabiu (North West)
- Yusuf Usman (North East)
- Babs Omotowa, former Managing Director of NLNG (North Central)
- Austin Avuru (South-South)
- David Ige (South-West)
- Henry Obih (South-East)
Also appointed were Lydia Jafiya, Permanent Secretary of the Federal Ministry of Finance, and Aminu Ahmed, representing the Ministry of Petroleum Resources.
Finance Minister Wale Edun, Information Minister Mohammed Idris, and Minister of State for Petroleum (Gas) Heineken Lokpobiri witnessed the inauguration.
All appointments are effective from April 2, 2025.