President Muhammadu Buhari has finally inaugurated the Board of the newly incorporated Nigerian National Petroleum Company (NNPC) Limited.
The president had constituted the board in September but shortly before it was to be inaugurated, he suspended the exercise indefinitely.
No reason was given for the development. But on Wednesday, Adesina announced a major change on the board – the replacement of Senator Ifeanyi Ararume with Lady Magarey Okadigbo.
The President reminded the Board members that they were appointed 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 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 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,” he said.
Buhari directed that there should be full alignment and synergy between NNPC Limited, the Upstream Regulatory Commission and the Midstream and Downstream Regulatory Authority in compliance with the provisions of the law in all respects to deliver the onerous reforms envisaged for the energy industry.
While thanking the leadership and members of the National Assembly for their support in the journey towards a viable, accountable and transparent energy industry, the President said he would count on the professional insights and ethical conduct of the Board members to ensure the delivery of his administration’s promises to Nigerians.
The Board members are Senator Magarey 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.
