President Muhammadu Buhari Friday in Abuja urged the Board of the newly incorporated Nigerian National Petroleum Company (NNPC) Limited to ensure strict compliance with corporate governance principles that place a premium on doing business with the highest ethical standards, integrity, and transparency.
Inaugurating the board chaired by Senator Margery Chuba Okadigbo, the President charged them to focus on profitability and operate at par with its industry peers across the world.
“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.
“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,” he said.
The President directed that there should be full alignment and synergy between NNPC Limited, the Upstream Regulatory Commission and the Midstream and 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.”
In his remarks, the Minister of State for Petroleum Resources, Mr. Timipre Sylva, said under the present administration a lot had 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.
“Mr. President this is history in the making because this is the first time any President of the Federal Republic of Nigeria is inaugurating an independent board of an independent NNPC Limited. This, however, puts a lot of responsibility on the shoulders of those inaugurated and those of us in the Ministry of Petroleum Resources,” he said.
Those inaugurated were 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); Malam 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.
