President Bola Tinubu has issued a stern warning to the newly inaugurated Board of the Nigerian National Petroleum Company Limited (NNPCL), emphasizing that non-performance will not be tolerated. The President’s directive, delivered during the inauguration of the NNPCL Board at the State House, underscores the critical importance of excellence and accountability in steering the country’s oil sector.
Speaking on Monday, President Tinubu cautioned the board members against any hint of entitlement, stressing that the board may face dissolution without prior notice if sustained excellence in performance is not achieved. “The challenge is corporate governance,” he stated. “Yes, we will improve the security situation. We are working very hard. Sincerely, the Chief Executive Officer, Kyari, is doing very well and doing all that I know. But you could be suddenly dissolved if there is no sustained excellence in performance.”
The President urged the board to prioritize corporate social responsibility in the Niger Delta, emphasizing the need to address the profound impact of oil exploration and exploitation on the region’s environment. “Niger Delta must be seen as the goose that lays the golden egg, and we must treat that region with the deserved respect and care,” President Tinubu asserted. “It is not asking for too much to ensure quality and constant water supply, schools, medical facilities, and roads. It is not about us. It is about the entire country’s well-being and the nation’s lifeblood.”
Furthermore, the President emphasized the imperative of focusing on gas as Nigeria transitions to cleaner energy, underlining the country’s commitment to its welfare. “We need to show that we are committed to the welfare of our country,” President Tinubu insisted.
Turning his attention to the Petroleum Industry Act (PIA), the President urged the Cabinet members and Board to identify opportunities for enhancing production, profitability, and governance. “Look at the Petroleum Industry Act (PIA) and know the pitfalls. The Cabinet members and Board should decide what we can do differently for production increase, profitability, and governance. It is in your hands. I will work with you.”
In response, the chairman of the board, Chief Pius Akinyelure, commended the President for the removal of the petrol subsidy, affirming the board’s commitment to increasing production while addressing the challenges of stealing and pipeline vandalization in the Niger Delta.
President Tinubu’s appointment of a new board for the NNPCL in early December underscores his unwavering commitment to fostering excellence and accountability in Nigeria’s critical oil sector.
