Business
Economic expert hails NNPC Management for profitable 2021
Economic expert hails NNPC Management for profitable 2021.
The management of the Nigerian National Petroleum Company (NNPC) Limited got a morale booster for 2022 business following commendation by an economic expert for the performance of the Petroleum industry in 2021.
Prof. Uche Uwaleke, a professor of capital market at the Nasarawa State University, Keffi who gave the commendation in Abuja said with the reforms and the transformation of the NNPC into a limited liability company, 2022 holds greater prospects for the industry.
Uwaleke said the challenges brought about by the COVID-19 pandemic in 2020 pointed to a gloom in the industry in 2021 but the successful management of the industry, especially the declaration of profit by the NNPC was unprecedented.
In another development, Minister of State for Petroleum Resources Timipre Sylva expressed support for the campaign by the Nigerian Women for Gas and Green Initiatives towards a clean and green Nigeria.
Sylva gave the declaration when he received a delegation of the Nigerian Women for Gas and Green Initiative.
The group was on a courtesy visit to solicit for the collaboration and endorsement of the ministry of petroleum resources as well as support of the minister for their upcoming programme tagged “Clean and Green Nigerian Campaign”.
Speaking earlier, Laila Adii, the organisation’s international partner from South Africa; Pay Gas, said the endorsement of the ministry is imperative to the success of the initiative.
Adii said the support meant so much to them considering the ministry’s vision of the decade of gas which was in line with the present government’s COP 26 agenda on gas penetration, clean energies and cooking gas.
The group extended an invitation to the minister as a special guest of honor for the upcoming Clean and Green Nigerian campaign project and unveiling of the Nigerian Women National Emission Support Strategy, scheduled for Jan. 27.
Meanwhile, the African Women Leadership Organization (AWLO) recently decorated the Minister of State for Petroleum Resources, Chief Timipre Sylva with an award of life patron and an award of E for C champion.
Speaking during the award ceremony which occurred during the organisation’s courtesy visit on the Minister, the founder Dr Elisha Attai said the group recognised the minister’s steadfast contributions to the plight of the Internally Displaced Persons.
This, he said was exhibited through the project ‘One Mother, One Child’ which the Minister supported through his wife, being a member of AWLO.
He applauded the priority which the Minister accorded to gender parity.
Still in the week under review, the Senate Committee on Petroleum Resources (Upstream) says it will ensure that every single provision enshrined in the Petroleum Industry Act (PIA) was followed to logical conclusion without any form of ambiguity.
The Chairman of the committee, Sen. Albert Bassey, disclosed this on Wednesday in Abuja, during an oversight visit by the committee to Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Bassey said that the National Assembly would invoke its constitutional mandate to ensure the NUPRC and the Petroleum Industry run in line with the provisions of the Act.
According to the chairman, “this is the first time in Nigeria’s history, that there is a ‘one stop booklet’ which actually clarifies the certainty, prospect and competitiveness of oil and gas industry.
“What the law stipulates for the commission is to be independent to build confidence in the hearts and minds of investors.
“We have not had the privilege of coming out in the past 18 months because all hands were on deck towards processing and passage of the PIA; kudos to President Muhammadu Buhari for signing the bill into law.
“We are still engaging relevant stakeholders, the president has sent in the first amendment request of the act, we are looking into that and will be on public hearing soon,” he said.
Sen. Bassey Akpan further noted that the committee would equally have engagement with NUPRC board
members to understand its policy direction and projection of the commission in the first quarter of 2022 and next one year.
He expressed concern that as a commission, the NUPRC was expected to have studied the Act in other to fine-tune it, to ensure it was processed in line with the amendment of the Act.
He explained that the visit marked the commencement of its oversight activities in the sector, as it was saddled with the responsibility to oversight the upstream petroleum sector of the economy.
Bassey, while noting that the budget tenure was extended to March, urged the commission not to hesitate to share its concern and challenges as regard to 2021 budget implementation for assistance.
While commending the commission’s Chief Executive, he noted that the task ahead of him was quite enormous, and called for collaboration with the steering committee on the implementation of the Act, to ensure that the commission was properly guided without infringing on its independence.
The committee members also tasked the commission to adopt measures to deploy modern technologies to address leakages, mitigate environmental damage and pollution by illegal refineries, and ensure pump price uniformity.
The committee members also underscored the need to see full implementation of the PIA and regulations of NUPRC, especially in host community trust fund-related issues.
The Chief Executive Officer (CEO) of NUPRC, Mr Gbenga Komolafe, had earlier said that the commission’s role was key to the federation’s revenue, adding that it was determined to ensure that it operated in line with the Act.
Komolafe, who described the visit as a key statutory responsibility of the committee, expressed delight on the exercise and commended the passage of the PIA which brought about establishment of the NUPRC.
“We recognise our responsibility as enacted by the Senate and we are very keen in making tremendous impact in our upstream regulatory functions to achieve intendment of the PIA and meet expectations of the assembly and international community.
“We continually seek adequate support of the committee to work assiduously in carrying out our enormous tasks which include monitoring of crude oil theft and sabotage among others, to make impacts and achieve efficient upstream regulations,” Komolafe said.