President Bola Tinubu officially inaugurated the 11-member Board of the Nigerian National Petroleum Company Limited (NNPCL) on Monday, urging swift action and warning against non-performance. Speaking at the State House, Abuja, Tinubu stressed the importance of corporate governance and indicated that any signs of entitlement or failure to meet performance standards could lead to the dissolution of the Board without prior notice.
Tinubu highlighted the critical role of corporate social responsibility in the Niger Delta, emphasizing the need to address the environmental impact of oil exploration and exploitation. He called for a focus on ensuring quality water supply, schools, medical facilities, and roads in the region, asserting that the well-being of the Niger Delta is crucial for the entire nation.
In alignment with Nigeria’s transition to cleaner energy, Tinubu directed increased attention to gas and emphasized commitment to the nation’s welfare. He urged the Board to analyze the Petroleum Industry Act (PIA) and explore innovative approaches for production increase, profitability, and effective governance.
Chief Pius Akinyelure, Chairman of the Board, expressed gratitude to the President for the removal of petrol subsidy, noting its positive impact on the nation’s financial standing. Akinyelure outlined the Board’s focus on enhancing production, tackling issues of theft and pipeline vandalism in the Niger Delta, and setting an ambitious target of two million barrels per day by 2024.
Akinyelure stressed the need for a comprehensive overhaul of the national security architecture to curb losses from oil theft and pipeline vandalism. He outlined the challenging task of making Nigeria a key player in the global oil and gas industry, emphasizing the commitment to building cash flow through increased production.
In conclusion, President Tinubu assured his collaboration with the Board in executing their responsibilities, aligning with the broader goals of the oil and gas sector.
