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•Demands profitability, service, N’Delta recognition prioritised •Chairman sets 2mbpd target for 2024
From Juliana Taiwo-Obalonye, Abuja
President Bola Tinubu, has warned Nigerian National Petroleum Company Limited (NNPCL) board and management team 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.
This is even as he admonished the members of the board to prioritise profitability, higher production, and strong governance.
In a statement issued by Special Adviser on Media and Publicity, Ajuri Ngelale, the President who inaugurating the Board of the NNPCL at the State House, on Monday, called for a critical review of Petroleum Industry Act and recognition of the Niger Delta’s vital role in producing oil.
President Tinubu stressed that their appointment should not be seen as merely “cake sharing,” calling for maximum performance on their part.
He said: “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 recognise all of you,” he said.
President Tinubu stressed that 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 life-blood of the nation. We should care more about the environment. We will do more for security to minimise stealing and vandalisation,’’ 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, 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.
Addressing State House Correspondents after the inauguration, Chairman of the 11-man board, Akinyelure, announced an ambitious production target of two million barrels per day by 2024 for the NNPCL, emphasising the substantial challenges confronting Nigeria’s oil and gas industry.
Additionally, he advocated for a thorough review of the national security framework to address damages caused by pipeline and oil theft.
His words: “To make sure that as the key performance indicators of the oil industry in Nigeria, probably, we’ll become number one in Africa and probably competing with leading oil and gas companies around the world. It is not an easy task, but we know we have the challenge of oil stealing, the vandalisation of our pipelines.
“Our commitment is to produce at a rate of two million barrels per day, anytime from next year. But to do this, we have to overhaul our security architecture so that the incidences of stealing, vandalisation of pipelines can be reduced. And this will possibly help to build up our cash flow. And this will possibly help to build up our cash flow”.
The only female member on the NNPCL board Dr. Eunice Thomas (Akwa Ibom), said told State House Correspondents that the board acknowledged what the management team has done so do, saying: “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”, she said.
