President Bola Tinubu has delivered a strong message to the newly inaugurated Board of the Nigerian National Petroleum Company Limited (NNPCL), cautioning that non-performance will not be tolerated during their tenure.
In an inauguration ceremony held at the State House on Monday, President Tinubu stressed the importance of corporate governance and urged the Board to commence their duties promptly. He emphasized that any actions suggesting a sense of entitlement would be unacceptable, and the Board could face dissolution without prior notice if excellence in performance is not sustained.
“The challenge is corporate governance. Yes, we will improve the security situation. We are working very hard. Sincerely, the Chief Executive Office, 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. It is my honour to inaugurate this Board, which has people of great integrity. I am honoured that we are doing this. I recognize all of you,’’ President Tinubu stated.
Addressing the issue of corporate social responsibility in the Niger Delta, the President underscored the region’s significance as the economic backbone of the nation. He called for a serious commitment to ensuring quality and constant water supply, schools, medical facilities, and roads, emphasizing that the environmental impact of oil exploration and exploitation must be addressed.
“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. 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 well-being of the entire country and the lifeblood of the nation. We should care more about the environment. We will do more for security to minimize stealing and vandalization,’’ he declared.
President Tinubu directed the Board’s attention to the transition to cleaner energy, particularly emphasizing the importance of focusing on gas. He highlighted the significance of the Petroleum Industry Act (PIA) and urged the Board to explore ways to enhance production, profitability, and governance.
“Take a look at the Petroleum Industry Act (PIA), and know what the pitfalls are. 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,’’ he assured.
Responding to the President’s directives, the Chairman of the Board, Chief Pius Akinyelure, expressed gratitude for the removal of the petrol subsidy, acknowledging the President’s decisive actions that prevented the nation from drowning in debt. He outlined the Board’s focus on increasing production and addressing challenges related to theft and pipeline vandalization in the Niger Delta.
“Our focus is to increase production. We must address the problem of stealing and pipeline vandalization in the Niger Delta. We are aware of the efforts in the past, but we will do more,’’ Chief Akinyelure affirmed.