President Muhammadu Buhari has reeled out a number of guidelines that the new board members of the Nigerian National Petroleum Company (NNPC) Limited must not flout.
While inaugurating the Board chaired by Senator Margret Chuba Okadigbo, on Thursday, the President charged them to comply strictly with Corporate Governance principles, including making sure that they do business with the highest ethical standards, integrity, and transparency.
Beyond this, the President tasked them to focus on profitability and operate at par with their industry peers across the world.
According to Buhari, “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.”
He told the Board members in plain terms that they came on board as a result of the reforms put forward by the Petroleum Industry Act (PIA) 2021.
Those inaugurated include Senator Okadigbo, Chairman, Mele Kolo Kyari, Chief Executive Officer, Umar I. Ajiya, Chief Financial Officer, 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, Minister, Finance, Budget and National Planning
The President said his vision is to reposition the Nigerian petroleum industry to a commercially viable and competitive industry in line with global business dynamics and best practices.
“NNPC 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,” he said.
He equally 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.
”NNPC Limited is expected to operate at par with its industry peers elsewhere in the world while acting as enabler company that will foster the development of other sectors of our economy,” he stated.
Meanwhile, the Minister of State, Petroleum Resources, Timipre Sylva, said under the present administration a lot has been achieved in the petroleum industry, including the signing of the PIA, the registration of NNPC Limited as a CAMA company and the inauguration of the Board of the NNPC Limited.