…says Board can be suddenly dissolved if there’s no sustained excellence
…as Chairman canvases complete overhaul of security architecture
…sets 2m bpd target for 2024
BOMA DIPRIYE
ABUJA, Nigeria – President Bola Tinubu has asked the Board of the Nigerian National Petroleum Company Limited (NNPCL) to immediately get to work, warning that non-performance will not be tolerated.
Inaugurating the Board of the NNPCL at the State House, on Monday, President Tinubu also warned that conducts suggesting a sense of entitlement will not be tolerated, and that the Board could be dissolved without prior notice to members over non-performance.
“The challenge is corporate governance. Yes, we will improve the security situation. We are working very hard. Sincerely, the Chief Executive Office, Kyari, is doing very well, and doing all that I know.
“But you could be suddenly dissolved if there is no sustained excellence in performance. It is my honour to inaugurate this Board, which has people of great integrity. I am honoured that we are doing this. I recognize all of you,’’ he said.
President Tinubu said corporate social responsibility for the Niger Delta must be taken seriously, considering the devastating effects of oil exploration and exploitation on the environment.
“Niger Delta must be seen as the goose that lays the golden egg, and we must treat that region with the deserved respect and care. It is not asking for too much to ensure quality and constant water supply, schools, medical facilities, and roads.
“It is not about us. It is about the well-being of the entire country and the lifeblood of the nation. We should care more about the environment. We will do more for security to minimize stealing and vandalization,’’ he stated.
The President directed that more attention should be given to gas as Nigeria transitions to cleaner energy, adding: “We need to show that we are committed to the welfare of our country.”
“Take a look at the Petroleum Industry Act (PIA), and know what the pitfalls are. The Cabinet members and Board should decide what we can do differently for production increase, profitability, and governance. It is in your hands. I will work with you,’’ he said.
In his remarks, the Chairman of the Board, Chief Pius Akinyelure, commended the President for the removal of petrol subsidy, noting that the nation would have drowned in debt, but for his decisiveness.
“Our focus is to increase production. We must address the problem of stealing and pipeline vandalization in the Niger Delta. We are aware of the efforts in the past, but we will do more,’’ he said.
Briefing State House correspondents after the inauguration, Akinyelure that for the company to achieve its target of producing two million barrels per day from 2024, the nation’s security architecture has to be overhauled.
The nation currently produces 1.67 barrels of oil and condensates as against the two million barrels per day target set by the Organization of Petroleum Exporting Countries (OPEC).
“Our commitment is to produce at a rate of two million barrels per day, anytime from next year.”
He, however, lamented that the target could not be realized without first overhauling the security architecture of the country to address pipeline vandalism and other mechanisms deployed in oil theft.
“It is not an easy task, but we know we have the challenge of oil stealing, the vandalization of our pipelines.
“But to do this, we have to overhaul our security architecture so that the incidences of stealing, vandalization of pipelines can be reduced.
“And this will possibly help to build up our cash flow. And we will become a better nation.” Akinyelure said
The board chairman said that the company would implement key performance indicators of the oil industry to enable the country to “become number one in Africa and probably compete with leading oil and gas companies around the world.”
Speaking in an interview, the only female member on the NNPCL board Dr. Eunice Thomas (Akwa Ibom) assured that they would work together to increase productivity, improve the economy, and create sustainable green energy.
She thanked President Tinubu for giving her the opportunity, noting that the board members are aware of his expectations, which she said they are challenged to meet.
She said: “I am really challenged, but I would like to begin by thanking President Bola Ahmed Tinubu for finding me worthy to sit on that board. I am aware of the challenges and his expectations of the board. I agree with the management of the NNPCL, they’ve done quite a lot so far and we will be working together with pleasure to increase productivity, improve the economy and sustain the environment.
“We will provide power for the people of Nigeria; we will industrialize the energy and transit from fossil fuel to more sustainable green energy.”
The board members inaugurated on Monday also include Umar Ajiya as Chief Financial Officer; Ledum Mitee, Mr. Musa Tumsa, Mr. Ghali Muhammad, Prof. Mustapha Aliyu, Mr. David Ogbodo and Dr. Eunice Thomas as Non-Executive Directors.
