President Bola Ahmed Tinubu, while inaugurating the 11-man board and management team for the Nigerian National Petroleum Company Limited (NNPCL), sounded the team a warning.
After the inauguration at the Presidential Villa, Abuja, Tinubu charged the board members to focus on profitability, increased production, and robust governance.
Tinubu who stressed that their appointment should not be viewed as mere “cake sharing,” urged the board to perform optimally.
He directed the board to “take a look at the Petroleum Industry Act (PIA), and know what the pitfalls are,” as well as the recognition of the Niger Delta’s vital role in producing oil.
Tinubu warned that any behaviour implying a sense of entitlement would not be accepted.
He added that non-performance could result in the board’s dissolution without prior notice to members.
“The challenge is corporate governance. Yes, we will improve the security situation. We are working very hard. Sincerely, the chief executive officer, 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 in a statement as disclosed by Ajuri Ngelale, his Special Adviser on Media and Publicity.
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According to him, corporate social responsibility for the Niger Delta must be addressed, owing to the disastrous environmental effects of oil exploration and exploitation.
“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 added.
Addressing State House reporters after the inauguration, Chairman of the 11-man board, Chief Pius Akinyelure, set an ambitious production target of two million barrels per day by 2024 for the NNPCL.
As he stressed the substantial challenges confronting Nigeria’s oil and gas industry, he also canvassed for a comprehensive overhaul of the national security architecture to address losses incurred through oil theft and pipeline vandalism.
He said: “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 board also promised that Nigeria would compete with the oil and gas industry around the world while it ensures that the key performance indicators of the oil industry of the country are rated number one in Africa.
