Tinubu Sets Target For New NNPC Team
. Eyes $60 Billion Investment, 500,000bpd Refining Output By 2030
By Frederick Wright
President Bola Ahmed Tinubu did not just change the leadership of the Nigerian National Petroleum Company (NNPC) Limited, but handed them the challenges of achieving some specific targets meant to turn the nation’s economy around.
Tinubu, in a statement signed by his Special Adviser to the President, (Information & Strategy), Bayo Onanuga, said the new administration is envisioned to increase the investment to $30 billion by 2027 and $60 billion by 2030. Recall that NNPC reported $17 billion in new investments within the sector last year.
According to him, the new team is also expected to work vigorously towards realising the targets raising oil production to two million barrels daily by 2027 and three million daily by 2030.
Concurrently, the government also 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 NNPC leadership 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.
