‘Focus on profitability, be mindful of our net zero commitments’ — Buhari tells NNPC board

President Muhammadu Buhari has urged the new board of Nigerian National Petroleum Company (NNPC) Limited to ensure strict compliance with corporate governance principles.

He advised them to prioritise business with the highest ethical standards, integrity, and transparency.

In a statement released by Femi Adesina, special adviser to the president on media and publicity on Thursday, Buhari said this in Abuja while inaugurating the board chaired by Margery Chuba Okadigbo.

Earlier on Wednesday, Buhari had appointed Okadigbo as board chairman of the board of NNPC limited, alongside eight other board members. 

Other board members include Mele Kolo Kyari, chief executive officer; Umar I. Ajiya, chief financial officer; Tajudeen Umar (north-east); Lami O. Ahmed (north-central); Mohammed Lawal (north-west); Henry Obih (south-east); Constance Harry Marshal (south-south) and Pius Akinyelure (south-west).

He charged them to focus on profitability and operate at par with its industry peers.

”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 president said the inauguration marks a major milestone in the transition to a more viable petroleum industry made possible by the Petroleum Industry Act (PIA) 2021. 

”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 added.

While thanking the national assembly, Buhari said he would count on the professional insights of the board members to ensure the delivery of his administration’s promises to Nigerians.

In his remarks, Timipre Sylva, minister of state for petroleum resources, said a great deal of the petroleum industry goals had been achieved under Buhari.

”Mr 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. This, however, puts a lot of responsibility on the shoulders of those inaugurated and those of us in the ministry of petroleum resources,” he said.