President Muhammadu Buhari on Friday in Abuja urged the board of directors of the new Nigerian National Petroleum Company (NNPC) Limited to ensure strict adherence to corporate governance principles which place particular emphasis on the conduct of business with the highest ethical standards, integrity and transparency.
Inaugurating the Board of Directors chaired by Senator Margery Chuba Okadigbo, the President instructed them to focus on profitability and operate on par with his industry peers around the world.
“I expect NNPC Limited to be aware of our commitments to our net zero carbon aspirations and to fully align with the global realities of energy transition.
“The Nigerian National Petroleum Company Limited is mandated to focus on profitability and continued value creation beyond simply meeting legal and regulatory requirements.
“NNPC Limited should operate on par with its industry peers around the world, while acting as an enabling company that will foster the development of other sectors of our economy.
“The inauguration of this council is a major step in the ongoing transition to a more viable oil industry that will attract investment to support our economic growth and create jobs for millions of our people,” he said.
The President ordered that there be full alignment and synergy between the NNPC Limited, the Upstream Regulatory Commission and the Upstream and Downstream Regulatory Authority, in accordance with the provisions of the law in all respects to implement implement the onerous reforms envisaged for the energy sector.
“NNPC Limited is expected to operate on par with its industry peers elsewhere in the world, while acting as an enabling company that will foster the development of other sectors of our economy. “
In his remarks, the Minister of State for Petroleum Resources, Mr. Timipre Sylva, said that under the current administration a lot has been accomplished 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 directors of NNPC Limited.
“Sir. President, this is history as it is the first time that a President of the Federal Republic of Nigeria has inaugurated an independent board of directors of an independent NNPC Limited. responsibilities on the shoulders of those who were inaugurated and those of us in the Ministry of Petroleum Resources, ”he said.
Those who were inaugurated were Senator Okadigbo, President; Mele Kolo Kyari, Managing Director; Umar I. Ajiya, Chief Financial Officer; Dr Tajudeen Umar (north-east), Ms Lami O. Ahmed (center-north); Malam Mohammed Lawal (North West); Ing. Henry Obih (South East); Lawyer Constance Harry Marshal (South-South); Chief Pius Akinyelure (Southwest); Dr Nasir Sani Gwarzo; Permanent Secretary, Ministry of Petroleum Resources, and Aliyu Ahmed, Permanent Secretary, Ministry of Finance, Budget and National Planning.