*President Muhammadu Buhari charges the new Board and Management of the Nigerian National Petroleum Company (NNPC) Limited to strictly adhere to Corporate Governance principles by placing premium on highest ethical standards, integrity and transparency in doing business in the聽economy

Isola Moses | 绿帽献妻

Nigerian President Muhammadu Buhari has inaugurated the Board of Directors of the newly incorporated Nigerian National Petroleum Company (NNPC) Limited.

绿帽献妻 reports President Buhari, who performed the ceremony Friday, January 7, 2022, in the Presidential Villa, Abuja, FCT, charged the new Board and Management of the oil company to ensure strict compliance with Corporate Governance principles.

Senator Margery Chuba Okadigbo, Chairman, (middle) with Chief Sylva (2nd right) and Malam Kyari addressing聽 the State House Correspondents after inauguration of the NNPC Board in Abuja

Buhari inducted the following Board members Friday, in Abuja: Senator Margery Chuba Okadigbo as Chairman, Malam Mele Kolo Kyari, GMD/Chief Executive Officer, Umar I. Ajiya, Chief Financial Officer, Dr. Tajudeen Umar (North-East), Mrs. Lami O. Ahmed (North-Central) and Malam Mohammed Lawal (North-West)

Others are 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, Ministry of 聽Finance, Budget and National Planning.

The President urged the new Board members to place premium on these time-tested principles in doing business with the highest ethical standards, integrity, and transparency in the country鈥檚 economy.

The Federal Government, earlier, had expressed its readiness to reposition the Nigerian petroleum sector to become a commercially viable and competitive industry in line with global business dynamics and best practices.

Whiile inaugurating the Board, chaired by Senator Margery Chuba Okadigbo, Buhari urged the team to focus on profitability and operate at par with its industry peers in the international world.

He said: 鈥淚 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.鈥�

The Presidency also reminded the Board members that they came on board following reforms enabled by the Petroleum Industry Act (PIA) 2021.

According to Buhari, the PIA 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 further stated: 鈥淭he Nigerian National Petroleum Company Limited is mandated to focus on profitability and continuous value creation beyond the simple fulfillment of legal and regulatory requirements.

鈥淣NPC 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.

鈥淭he 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.鈥�

He also urged full alignment and synergy between NNPC Limited, Upstream Regulatory Commission and Midstream & Downstream Regulatory Authority in compliance with the provisions of the law in all respects so as to the envisaged reforms for the energy industry in Nigeria.

鈥淣NPC 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,鈥� said he.

Buhari commended the leadership and members of the National Assembly (NASS) for their seamless support to achieve a viable, accountable and transparent energy sector of the economy.

The President as well said that he count on the professional insights and ethical conduct of the Board members to deliver his administration鈥檚 promises to Nigerian consumers.

H.E. Chief Timipre Sylva, Honourable Minister of State for Petroleum Resources, at the event said a lot had been achieved in the petroleum industry under the current administration

Chief Sylva stated these include the signing of the PIA 2021, the registration of NNPC Limited as a CAMA company, and the inauguration of the new Board of the NNPC Limited.

The Minister also noted: 鈥淢r President, this is history in the making because this is the first time any President of the Federal Republic of Nigeria is inaugurating an independent board of an independent NNPC Limited.

鈥淭his, however, puts a lot of responsibility on the shoulders of those inaugurated and those of us in the Ministry of Petroleum Resources.鈥�

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