Nigerian President Muhammadu Buhari has urged the members of the Board of the Nigerian National Petroleum Company (NNPC) Limited to ensure transparency and accountability in the operations of the organization.
Inaugurating the newly incorporated board on Friday in Abuja, Buhari said that the board should ensure strict compliance with Corporate Governance principles that place premium on doing business with the highest ethical standards, integrity and transparency.
He said that the board should also be mindful of the nation’s commitments to net carbon zero aspirations and total alignment with the current global energy transition realities.
According to him, the new NNPC is a product of the 2021 Petroleum Industry Act, which is aimed at repositioning the Nigerian petroleum industry to operate as a commercially viable and competitive industry in line with global best practices.
“The Nigerian National Petroleum Company Limited is mandated to focus on profitability and continuous value creation beyond the simple fulfillment of legal and regulatory requirements.
“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.
Buhari 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 said.
In his speech at the event, Nigeria’s Minister of State, Petroleum Resources, Chief Timipre Sylva, hailed the signing of the Petroleum Industry Act, the registration of NNPC Limited as a limited liability company and the inauguration of the Board of the NNPC Limited.
According to the minister these landmark achievements in Nigerian oil industry require a lot of responsibility on the shoulders of the members of the newly inaugurated board of the company.
The members of the board 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) and Henry Obih (South East).
Others are 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.
GIK/APA