President Buhari tasks new NNPC board on transparency, accountability

President Muhammadu Buhari on Friday inaugurated the new board of the NNPC chaired by Senator Magaret Okadigbo at the State House, Abuja.

President Muhammadu Buhari has urged the Board of the newly incorporated Nigerian National Petroleum Company (NNPC) Limited to ensure strict compliance with Corporate Governance principles that place a premium on doing business with the highest ethical standards, integrity, and transparency.

Inaugurating the Board chaired by Senator Margery Chuba Okadigbo at the Presidential Villa, Abuja, on Friday, the President charged them to focus on profitability and operate at par with its industry peers across the world.

”I expect the NNPC Limited to be mindful of our commitments to our net carbon zero aspirations and to ensure total alignment with the global energy transition realities,” he said.

The President reminded the Board members that they came on board as a result of the reforms put forward by the Petroleum Industry Act (PIA) 2021, which seeks to reposition the Nigerian petroleum industry to a commercially viable and competitive industry in line with global business dynamics and best practices.

”The Nigerian National Petroleum Company Limited is mandated to focus on profitability and continuous value creation beyond the simple fulfillment 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,” he said.

President Buhari directed that there should be full alignment and synergy between NNPC Limited, the Upstream Regulatory Commission, and the Midstream & Downstream Regulatory Authority in compliance with the provisions of the law in all respects to deliver the onerous reforms envisaged for the energy industry.

”NNPC Limited is expected to operate at par with its industry peers elsewhere in the world while acting as Enabler Company that will foster the development of other sectors of our economy,” he added.

The Board members inaugurated are Senator Okadigbo, Chairman, Mele Kolo Kyari, Chief Executive Officer, Umar I. Ajiya, Chief Financial Officer, Dr Tajudeen Umar (North East), Mrs. Lami O. Ahmed (North Central), Mallam Mohammed Lawal (North West), Engr. Henry Obih (South East), Barrister Constance Harry Marshal (South-South), Chief Pius Akinyelure (South West), Dr Nasir Sani Gwarzo, Permanent Secretary, Ministry of Petroleum Resources and Aliyu Ahmed, Permanent Secretary, Minister, Finance, Budget, and National Planning.

 

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