Yemisi Izuora
The newly appointed non-executive Chairman of the Nigeria National Petroleum Corporation Limited NNPCL, Musa Kida, has demanded more time to enable to Company reposition and fix the oil sector.
Kida, speaking after the Board’s inauguration by President Bola Tinubu on Thursday, expressed readiness to reform the oil sector, but asked for patience and understanding, describing the assignment as “a huge task”
“Our task is huge. But we are deeply honoured to be part of the very select few, called upon by the President to reform the oil sector. “One thing we can assure you is that we will always tell Nigerians the truth, irrespective of how bitter it will be”
Kida also assured that the oil industry will now be run as a purely limited liability company, adding that “When the Petroleum Industry Act PIA was signed into law, the nation moved the NNPCL to Limited liability and our role is to put in the best of practices . We will do all that is possible to deliver on the mandate the President gave us on production, refineries, attracting Foreign Direct Investment and corporate governance.
“We are always going to tell the nation the truth, no matter how bitter it is. We will work on our talk with Personal integrity and openness
Speaking on plans to listing the oil company on the Nigeria stock exchange, Kida stated that, that will only be done after a proper assessment of the oil sector. “Before anybody invests in any business, they must look at what the company represents, how it is managed, the governance structure and the reporting mechanisms.
We are fully prepared to launch the company’s IPO, but we must be fully prepare , and we want Nigerians on the streets to look at the NNPCL as their own.
Addressing the refinery question, the Chairman confirmed that no option, including privatisation, was off the table.
He acknowledged years of public frustration with the state-owned refineries and said a detailed, honest assessment of their current condition was in progress.
“We will come back with concrete steps to ensure the refineries either add the greatest value to Nigerians or function optimally,” he pledged.
Also, the Group Chief Executive Officer, GCEO, Mr. Bayo Ojulari, lauded the diverse composition of the Board which includes professionals from the private sector and public service, including representatives from the Ministries of Petroleum and Finance.
He said that would ensure alignment with national goals while drawing on institutional memory and practical business experience.
“We have the opportunity to steward this God-given wealth to prosperity for Nigerians, just like Saudi Arabia and Qatar have done”, he stated.
On the broader transformation agenda, the GCEO explained that transitioning from a public corporation to a limited liability company under the Petroleum Industry Act (PIA) was complex and would take at least two more years to fully implement.
“We’re not regulators anymore; we’re a business. Nigerians must begin to see us as a company governed under the Companies and Allied Matters Act, CAMA,” he said.
He also said inspections of two of the three major refineries had already been completed, adding that full Board reviews are scheduled in the coming weeks.
In response to concerns raised by a recent report suggesting NNPC could lose 80% of its oil and gas revenue due to over-reliance on unproductive assets, the management strongly disagreed, stressing that Nigeria’s daily oil production had already risen from 1.5 to 1.7 million barrels since the board assumed office.
“We are doing everything to increase production and attract fresh investment. Our credibility is restoring investor confidence, and we are seeing proposals from businesses that stayed away for years”, he said.
The Board re-affirmed its resolve to walk its talk and be judged by concrete outcomes, not promises.