New NNPCL board pledges transparency
The newly inaugurated Board of the Nigerian National Petroleum Company Limited (NNPCL) has called on Nigerians to be patient and supportive as it begins efforts to reform and reposition the nation’s oil and gas industry.
Speaking to State House correspondents shortly after the board’s inauguration by President Bola Ahmed Tinubu at the Presidential Villa on Thursday, the new Non-Executive Chairman, Ahmadu Musa Kida, pledged that the board would prioritize transparency, accountability, and integrity in its management of the national oil company.
“Our task is huge, but we are deeply honored to be among the select few entrusted by the President to reform the oil sector,” Kida said. “We ask Nigerians to give us time and to support us. One thing we can assure is that we will always tell Nigerians the truth, no matter how difficult it is.”
Kida emphasized that the NNPCL will henceforth operate as a fully commercialized limited liability company, in line with the Petroleum Industry Act (PIA).
He said the board is committed to delivering on key mandates, including increasing oil production, revamping refineries, attracting foreign direct investment, and strengthening corporate governance.
“Before anyone invests in any business, they look at the company’s structure, management, governance, and transparency. We are preparing for an Initial Public Offering (IPO), but we must first put the necessary systems in place. We want Nigerians to see NNPCL as their own”, he noted.
The chairman also acknowledged the negative public perception of the company and stressed the board’s determination to change the narrative.
“For many Nigerians, their only experience with NNPCL is the long fuel queues and inadequate services. Our goal is to shift that perception and make NNPCL a true representation of national pride and efficiency,” he stated.
Kida reiterated the board’s dedication to upholding the highest standards of leadership and to ensuring the President’s directive for sectoral reforms is fulfilled.
He concluded by stating that the board will focus on making NNPCL more accessible and understandable to ordinary Nigerians, while aligning the company’s operations with global best practices.
Present at the inauguration were key members of the Federal Executive Council, including the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; Minister of Information and National Orientation, Mohammed Idris; and Minister of State for Petroleum Resources, Senator Heineken Lokpobiri.
