Focus On profitability, Value Creation, Buhari Tells NNPC Board

President Muhammadu Buhari on Friday inaugurated the Board of the Nigerian National Petroleum Company Limited with a charge on the members to ensure strict compliance with corporate governance principles.

In a statement released by the Special Adviser to the President on Media and Publicity on Friday, Femi Adesina, the President urged the board to prioritise business with the highest ethical standards, integrity, and transparency.

Buhari had on Wednesday named members of the board to be chaired by Margery Chuba Okadigbo.

Other board members include Mele Kolo Kyari, Chief Executive Officer; Umar I. Ajiya, Chief Financial Officer; Tajudeen Umar (North-East); Lami O. Ahmed (North-Central); Mohammed Lawal (North-West); Henry Obih (South-East); Constance Harry Marshal (South-South) and Pius Akinyelure (South-West).

He charged them to focus on profitability and operate at par with its industry peers.

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

“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 President said the inauguration marks a major milestone in the transition to a more viable petroleum industry made possible by the Petroleum Industry Act (PIA) 2021.

“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 added.

While thanking the National Assembly, Buhari said he would count on the professional insights of the board members to ensure the delivery of his administration’s promises to Nigerians.

In his remarks, Timipre Sylva, Minister of State for Petroleum resources, said significant part of the petroleum industry goals had been achieved under Buhari.

”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.