President Bola Tinubu has warned the Board of the Nigerian National Petroleum Company Limited (NNPCL) that non-performance will not be tolerated.
Tinubu disclosed this on Monday during the inauguration of the Board of the NNPCL at the State House, according to a statement by Ajuri Ngelale, presidential spokesperson.
President Tinubu warned NNPCL members against conduct suggesting a sense of entitlement that the board could be dissolved without prior notice to members over non-performance.
He urged the board to hit the ground running in developing the country’s oil sector.
“The challenge is corporate governance. Yes, we will improve the security situation. We are working very hard. Sincerely, the Chief Executive Officer, 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,” he said.
President Tinubu said corporate social responsibility for the Niger Delta must be taken seriously, considering the devastating effects of oil exploration and exploitation on the environment.
“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 entire country’s well-being and the nation’s lifeblood. We should care more about the environment. We will do more for security to minimise stealing and vandalization,” he stated.
The President directed that more attention should be given to gas as Nigeria transitions to cleaner energy, saying, “We need to show that we are committed to the welfare of our country.”
He said further: “Look at the Petroleum Industry Act (PIA) and know the pitfalls. 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.”
In his remarks, the chairman of the board, Chief Pius Akinyelure, commended the President for removing the petrol subsidy, noting that the nation would have drowned in debt but for his decisiveness.
“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,” he said.
DAILY POST recalls that Tinubu appointed a new board of NNPCL in early December this year.
‘Perform or be dissolved’ – Tinubu warns NNPCL board