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President Buhari calls for transparency, accountability from new NNPC board

By YANGE IKYAA

President Muhammadu Buhari on Friday in Abuja urged the board of the 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.

According to a statement issued by Femi Adesina, who is the special adviser to the president on media and publicity, Buhari put forward the charge at the State House in Abuja, while inaugurating the board, which is chaired by Margery Okadigbo.

The President, who charged them to focus on profitability and operate at par with industry peers across the world, 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.”

“NNPC Limited is expected to operate at par with its industry peers across the world, while acting as an enabler company that will foster the development of other sectors of our economy”

On Wednesday, January 5, 2021, Buhari inaugurated Margret Okadigbo as chairman, Mele Kyari as chief executive officer, and Umar Ajiya as chief financial officer of NNPC.

The rest of the board members include Dr Tajudeen Umar (North East), Mrs Lami Ahmed (North Central), Mohammed Lawal (North West), Benry Obih (South East), Constance Marshal (South South), Pius Akinyelure (South West), Dr Nasir Gwarzo as permanent secretary, ministry of petroleum resources, and Aliyu Ahmed as permanent secretary, ministry of finance, budget and national planning.

During their inauguration today, the president reminded the members that they came on board as a result of the reforms put forward by the Petroleum Industry Act (2021), which seeks to reposition the Nigerian petroleum industry to become a commercially viable and competitive industry in line with global business dynamics and best practices.

In the words of the president, “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 an 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, therefore, directed that there should be full alignment and synergy between NNPC Limited, the Nigerian Upstream Petroleum Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, in compliance with the provisions of the law in all respects to deliver the onerous reforms envisaged for the energy industry in the country.

While thanking 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.

In his remarks, the minister of state, petroleum resources, Timipre Sylva, said that, 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.

In the words of the minister: “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.”

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