President to New NNPCL Board: I Won’t Tolerate Underperformance

•Lauds Kyari’s performance 

•Threatens to dissolve board without notifying members if it fails to live up to expectation

•Warns against acts portraying sense of entitlements by members 

•Charges board to prioritise profitability, service, special recognition to N’Delta 

•Chairman sets 2million bpd target for 2024

Deji Elumoye in Abuja

President Bola Tinubu yesterday, inaugurated the 11-man Board of the Nigerian National Petroleum Company Limited (NNPCL) with a charge on the members to immediately get to work, warning that non-performance would not be tolerated.

Speaking while inaugurating the NNPCL Board at the State House, Abuja, the President also warned that conducts suggesting a sense of entitlement would not be tolerated, adding that the Board could be dissolved without prior notice to members over non-performance.

He said: “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 recognise all of you.”

According to him, corporate social responsibility for the Niger Delta must be taken seriously, considering the devastating effects of oil exploration and exploitation on the environment.

His words: “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 minimise stealing and vandalisation.”

Tinubu directed that more attention should be given to gas as Nigeria transitions to cleaner energy, adding: “We need to show that we are committed to the welfare of our country.”

“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 said.

In his remarks, Chairman of the Board, Chief Pius Akinyelure, commended the President for the removal of petrol subsidy, noting that the nation would have drowned in debt, but for his decisiveness.

According to him: “Our focus is to increase production. We must address the problem of stealing and pipeline vandalisation in the Niger Delta. We are aware of the efforts in the past, but we will do more”.

Briefing newsmen after the inauguration, the Chairman of the 11-man board set an ambitious production target of two million barrels per day by 2024 for the NNPCL, emphasising the substantial challenges confronting Nigeria’s oil and gas industry.

Akinyelure, also canvassed for a comprehensive overhaul of the national security architecture to address losses incurred through oil theft and pipeline vandalism.

His words: “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.”