President Bola Ahmed Tinubu on Monday inaugurated the 11-man board and management team for the Nigerian National Petroleum Company Limited (NNPCL).
Speaking after the inauguration in his office at the Presidential Villa, Abuja, the president charged the board members to focus on profitability, increased production, and robust governance.
President Tinubu stressed that their appointment should not be viewed as mere “cake sharing,” urging optimal performance on their part.
He also called for a critical review of Petroleum Industry Act and recognition of the Niger Delta’s vital role in producing oil.
Addressing State House reporters after the inauguration, Chairman of the 11-man board, Chief Pius Akinyelure, set an ambitious production target of two million barrels per day by 2024 for the NNPCL, stressing the substantial challenges confronting Nigeria’s oil and gas industry.
He also canvassed for a comprehensive overhaul of the national security architecture to address losses incurred through oil theft and pipeline vandalism.
He said: “To make sure that as the key performance indicators of the oil industry in Nigeria, probably, we’ll become number one in Africa and probably competing with leading oil and gas companies around the world. It is not an easy task, but we know we have the challenge of oil stealing, the vandalisation of our pipelines.
“Our commitment is to produce at a rate of two million barrels per day, anytime from next year. But to do this, we have to overhaul our security architecture so that the incidences of stealing, vandalisation of pipelines can be reduced. And this will possibly help to build up our cash flow. And this will possibly help to build up our cash flow”.
Meanwhile, the newly inaugurated board says it is committed to raise the nation’s crude oil production to the minimum of 2 million barrels per day by 2024.
The board also promised that Nigeria would compete with the oil and gas industry around the world while it ensures that the key performance indicators of the oil industry of the country are rated number one in Africa.
The Chairman of the NNPCL Board, Chief Pius Akinyelure, made this known on Monday while speaking to State House Correspondents after the inauguration of the NNPCL Board by President Bola Ahmed Tinubu.
Chief Akinyelure said if the board is to achieve this, the federal government would ensure an overhaul of the security architecture of the oil-producing regions across the country to end the issue of oil theft and vandalisation of pipelines.
“It is not an easy task. We know we have the challenge of oil stealing, and vandalisation of our pipelines, our commitment is to produce 2 million barrels per day anytime from next year but for this, we have to overhaul our security architecture so that the incidences of stealing, vandalisation of oil pipelines can be reduced and this will help to beef up our cash flow and we will become a better nation.”
The Chairman also said that the Board members assured the President of collective efforts to reposition the Nigerian National Petroleum Company Limited to sustain the economy better while it guaranteeing improved fortune for Nigeria.
“We have assured him of our collective effort to make it a company that we will all be proud of and a company that will help sustain the economy and make sure we create some element of prosperity for Nigerians
Chief Akinyelure further made known that the board secured 100 per cent assurance and support of the President to carry out its responsibilities fully.
“He has assured us of his support and on our part too we have given him our 100percent assurance that we will do the best we can to make sure the key performance Indicators of the oil Industry in Nigeria will be rated number one in Africa and proudly competing with Oil and Gas industry around the world.” Chief Akinyelure added.
Recall that on November 28, President Tinubu appointed Chief Akinyelure as board chairman of the NNPCL alongside eight other board members including Mele Kolo Kyari, Alhaji Umar Isa Ajiya, Mr Ledum Mitee, Mr Musa Tumsa and Mr Ghali Muhammad.
Others are Prof. Mustapha Aliyu, Mr. David Ogbodo and Ms. Eunice Thomas.