Introduction to the New NNPCL Board
The Tinubu Media Support Group (TMSG) has commended the composition of the new board of the Nigerian National Petroleum Corporation Limited (NNPCL), describing it as a reflection of President Bola Tinubu’s pro-business mindset on the oil industry.
Composition of the New Board
In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, the group noted that only a President with a wealth of experience and rich private sector background could come up with such a team of industry experts to take NNPCL to great heights. The appointment of Engineer Bashir Ojulari, who, until now, was Executive Vice President/Chief Operating Officer of Renaissance Africa Energy Company and Engineer Musa Kida as the non-executive Chairman of the 11-man board, signposts a new dawn at the NNPCL.
Industry Experts on the Board
Although this is not the first time the corporation would have an outsider in charge, it is the first time the board will be entirely populated by industry experts. The group is elated that no single politician is on the board, which demonstrates President Tinubu’s readiness to ensure professionalism in deference to the provisions of the Petroleum Industry Act (PIA) 2021.
Expectations from the New Board
The group totally agrees with the President that the board’s restructuring is crucial for enhancing operational efficiency, restoring investor confidence, boosting local content, driving economic growth, and advancing gas commercialisation and diversification. For the avoidance of doubt, there is none of the President’s appointees on the NNPCL board who is not a technocrat with deep insider knowledge of the oil and gas sector.
Targets and Objectives
The group looks forward to the NNPCL meeting the target set by the Tinubu administration of raising oil production to two million barrels per day as well as a daily gas production of 8 billion cubic feet in 2027. It would not be out of place to expect the new NNPCL to perform feats similar to that of global giants, Aramco, and Petrobras, as well as compete with them on the international stage.
Conclusion
The new board of the NNPCL is a significant step towards transforming the oil and gas sector in Nigeria. With a team of industry experts at the helm, the corporation is poised to achieve great things and meet the targets set by the Tinubu administration.
FAQs
- Who are the new appointees to the NNPCL board?
The new appointees include Engineer Bashir Ojulari and Engineer Musa Kida, among others, all of whom are industry experts with deep knowledge of the oil and gas sector. - What are the targets set by the Tinubu administration for the NNPCL?
The targets include raising oil production to two million barrels per day and daily gas production of 8 billion cubic feet in 2027. - What is the significance of the new board composition?
The new board composition is significant because it is the first time the board will be entirely populated by industry experts, demonstrating President Tinubu’s commitment to professionalism and expertise in the oil and gas sector.
