President Muhammadu Buhari, on Friday, tasked the Board of the newly-incorporated Nigerian National Petroleum Company (NNPC) Limited to focus on profitability and operate at par with its industry peers across the world.
The President gave the task during the inauguration of the Senator Margery Chuba Okadigbo-chaired Board of the company at the Presidential Villa, Abuja.
President Buhari urged the Board to ensure strict compliance with Corporate Governance principles that place premium on doing business with the highest ethical standards, integrity, and transparency.
He told members of the Board to be mindful of Nigeria’s commitment to the global net-zero agreement.
He said: ”I expect the NNPC Limited to be mindful of our commitments to our net carbon zero aspirations and to ensure total alignment with the global energy transition realities.”
President Buhari reminded the Board members that they came on board as a result of the reforms put forward by the Petroleum Industry Act (PIA) 2021.
He said PIA seeks to reposition the Nigerian petroleum industry to a commercially viable and competitive industry in line with global business dynamics and best practices.
According to him, ”The Nigerian National Petroleum Company Limited is mandated to focus on profitability and continuous value creation beyond the simple fulfilment of legal and regulatory requirements.
”NNPC Limited is expected to operate at par with its industry peers across the world, while acting as Enabler Company that will foster the development of other sectors of our economy.
”The inauguration of this Board is a major step in the ongoing transition to a more viable petroleum industry that will attract investment to support our economic growth and generate employment to millions of our people.”
The President directed that there should be full alignment and synergy between NNPC Limited, the Upstream Regulatory Commission and the Midstream & Downstream Regulatory Authority in compliance with the provisions of the law in all respects to deliver the onerous reforms envisaged for the energy industry.
He thanked the leadership and members of the National Assembly for their seamless support in the journey towards a viable, accountable and transparent energy industry.
The President said he would count on the professional insights and ethical conduct of the Board members to ensure the delivery of his administration’s promises to Nigerians.
The board members
The Board members inaugurated were: Senator Okadigbo, Chairman; Mele Kolo Kyari, Chief Executive Officer; Umar I. Ajiya, Chief Financial Officer.
Others are Dr Tajudeen Umar (North East), Mrs Lami O. Ahmed (North Central), Mallam Mohammed Lawal (North West), Engr. Henry Obih (South East), Barrister Constance Harry Marshal (South South).
Chief Pius Akinyelure (South West), Dr Nasir Sani Gwarzo, Permanent Secretary, Ministry of Petroleum Resources and Aliyu Ahmed, Permanent Secretary, Ministry of Finance, Budget and National Planning.
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