…As stakeholders call for continuity of reforms
From Juliana Taiwo-Obalonye, Dennis Mernyi Abuja and Adewale Sanyaolu
Barely 11 months after being appointed the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), President Muhammadu Buhari, yesterday, replaced Mr. Ibe Kachikwu as GMD of NNPC, and appointed Dr. Maikanti Kacalla Baru as replacement.
Kachikwu, the former GMD, will now chair the bird of NNPC while retaining his portfolio as the Minister of State for Petroleum Resources. He was appointed NNPC GMD on August 4, 2015 and Minister of State for Petroleum in November of the same year.
The Special Adviser on Media and Publicity, Mr. Femi Adesina, in a statement said the President also approved the composition of the board of NNPC, as provided for under Section 1(2) of the Nigerian National Petroleum Corporation Act of 1997, as amended.
Other members of the board are the Permanent Secretary in the Federal Ministry of Finance, Mallam Abba Kyari, Dr. Thomas M. A. John, Dr. Pius O. Akinyelure, Dr. Tajuddeen Umar, Mallam Mohammed Lawal and Mallam Yusuf Lawal.
Buhari urged the new board to ensure the successful delivery of the mandate of the NNPC, “and serve the nation by upholding the public trust placed on them in managing this critical national asset.”
Meanwhile, oil and gas stakeholders have called on Baru and by extension the new board to drive the state oil corporation to profitability.
Head of Energy Research at Ecobank Transnational Corporation, Mr. Dolapo Oni, in an interview with Daily Sun, called on Baru to ensure that adequate fund is raised to meet NNPC’s need. Specifically, Oni said the new board should ensure that it closes the huge funding gap of its cash call arrears in its Joint Venture (JV), which currently stands at about $3 billion.
The Ecobank analyst called on the new team to also return the retail business of the corporation, refineries, gas and equipment leasing back to profitability, lamenting that these were the areas dragging down the operations of NNPC.
In his submission, Director General of Lagos Chamber of Commerce and Industry (LCCI), Mr. Muda Yusuf, maintained that the new board should ensure continuity in the reforms that commenced under the regime of Kachikwu.
‘‘We already have reforms that are ongoing, and we will like to see continuity in those areas. We equally want to see a state oil corporation that is less dependent on importation. They should be able to provide self-sufficiency in our petroleum needs,’’ he said.
On his part, the Chairman and Chief Executive Officer, Integrated Oil and Gas, Mr. Emmanuel Iheanacho, while welcoming the new team on board, urged the members to do all they can to move the sector, and by extension, the country forward.