President Muhammadu Buhari has charged the newly integrated Board of the Nigerian National Petroleum Corporation(NNPC), on the need to be committed, accountable and transparent in order to ensure strict compliance with Corporate Governance principles.
Buhari made this known on Friday at the State House, Abuja, while inaugurating the Board, chaired by Margery Okadigbo.
The President urged them to focus on making good profit and operate in line with its industry peer across the world.
Buhari reminded them the reason for their incorporation, noting that the board was set up as a result of the reforms put forward by the Petroleum Industry Act 2021, seeking to to reposition the country’s petroleum industry for more commercialization and competitive industry in line with the global business.
”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 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,” Buhari said.
The President, however, directed that there should be a total agreement between the NNPC and the Upstream Regulatory Commission and the Midstream and Downstream Regulatory Authority, in compliance with the law, in order to deliver the reforms targeted for the energy industry.
On his part, the Minister of State, Petroleum Resources, Timipre Sylva, appreciated the Buhari led administration over its enormous contribution to the petroleum industry, which he said includes the signing of the PIA, the registration of NNPC Limited as a CAMA company and the inauguration of the Board of the NNPC Limited.
Recall that Buhari had on Wednesday, January 5, 2022 appointed Mrs. Okadigbo as Board Chairman; serving as a replacement for Sen. Ifeanyi Ararume
