President Tinubu Inaugurates NNPCL Board with Emphasis on Performance and Corporate Social Responsibility

President Bola Tinubu has officially inaugurated the 11-man Board of the Nigerian National Petroleum Company Limited (NNPCL) with a stern warning against non-performance and a call for increased focus on corporate social responsibility, particularly in the Niger Delta. Emphasizing the importance of corporate governance and accountability, President Tinubu directed the Board to prioritize environmental well-being, security, and cleaner energy initiatives. The Board, led by Chief Pius Akinyelure, sets an ambitious production target while addressing challenges such as oil theft and pipeline vandalism.

Key Points:

1. Corporate Governance and Warning Against Non-Performance:
   • President Tinubu stresses the significance of corporate governance and warns the Board of possible dissolution if sustained excellence in performance is not maintained.
   • Emphasis on accountability and avoidance of a sense of entitlement within the Board members.
2. Niger Delta’s Importance and Corporate Social Responsibility:
   • President Tinubu acknowledges the critical role of the Niger Delta as the nation’s lifeblood and emphasizes the need for serious attention to corporate social responsibility in the region.
   • Calls for quality water supply, schools, medical facilities, and roads to mitigate the negative impact of oil exploration.
3. Transition to Cleaner Energy and Commitment to Welfare:
   • A directive to give more attention to gas as Nigeria transitions to cleaner energy.
   • A call to demonstrate commitment to the nation’s welfare and focus on production increase, profitability, and governance, as outlined in the Petroleum Industry Act (PIA).
4. NNPCL Board’s Ambitious Production Target and Security Overhaul:
   • Chairman of the Board, Chief Pius Akinyelure, sets an ambitious target of two million barrels per day by 2024 for the NNPCL.
   • Acknowledges the need for a comprehensive overhaul of the national security architecture to address oil theft and pipeline vandalism, ultimately improving cash flow.

Conclusion: President Tinubu’s inauguration of the NNPCL Board reflects a commitment to excellence, corporate social responsibility, and the transformation of Nigeria’s oil and gas sector. The warning against non-performance underscores the importance of accountability in driving the nation’s energy agenda. The ambitious production target, coupled with a focus on cleaner energy and environmental responsibility, positions the Board to address significant challenges while contributing to the nation’s economic growth. The success of the NNPCL will depend on effective collaboration, strategic planning, and the comprehensive overhaul of security measures to safeguard oil infrastructure and build a more sustainable future.