Tag: NNPC

  • Yuletide: NNPC discharges 38.7m litres aviation fuel

    Yuletide: NNPC discharges 38.7m litres aviation fuel

    •40-day petrol sufficiency assured

    The Nigerian National Petroleum Corporation (NNPC) yesterday said it has  imported about 38.7million litres of Aviation Turbine Kerosene (ATK) or aviation fuel representing about 26-day sufficiency.

    The supply was to ensure a hitch-free air travel across the country during and after the Yuletide.

    Its Group Managing Director, Dr. Maikanti Baru, who spoke in Abuja, said the step was taken to forestall shortage of the product, a situation that had recently led to reported cases of flight delays and cancellations across the nation’s airports.

    According to the Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu in a statement ,  Baru said in the build-up to the Yuletide, the NNPC had exceeded the demand of marketers.

    Specifically, he said on December 14, the Corporation completed the discharge of 8,800MT which represented about 10.6million litres to major terminals in the country.

    In addition, as at yesterday, 23,500MT which represented about 28.2million litres was being discharged to major oil terminals.

    In order to sustain the tempo, NNPC had also secured the supply of additional 30,000MT vessel of ATK which represented about 36million litres expected to berth Nigerian shores before the end of the year.

    Furthermore, NNPC wishes to state that it has over 40-day sufficiency for PMS and adequate volumes of automotive gas oil (AGO) and dual purpose kerosene (DPK) to satisfy national demand throughout the Yuletide and beyond.

    The GMD further assured Nigerians that the NNPC would sustain the drive towards ensuring availability of petroleum products at all times.

  • NNPC, oil companies agree to end JVC

    The Nigerian National Petroleum Company (NNPC) on Friday signed an agreement to exit the Joint Venture Cash Call (JVC) with some international oil companies.

    The agreement was signed at the Ministry of Petroleum Resources in Abuja between the Federal Government and Shell, Chevron, Agip, Total and Oando.

    Nigeria owes an estimated 6.8 billion dollars accumulated over 14 years but got a discount of 1.7 billion dollars, leaving a debt of 5.1 billion dollars to be repaid, the News Agency of Nigeria (NAN) reports.

    The Minister of State for Petroleum, Dr. Ibe Kachikwu, who signed on behalf of the federal government, expressed joy that the pact would bring more investments into the country.

    He said lots of work and political determination had gone into the nation’s exit from the JVC debt.

    ”If we continue to focus on things that haven’t worked in a long while, we’ll get this industry on its way to competing favorably with other counterparts.

    ”I challenge the oil companies to put their monies where their mouth is because they said once this is done investments would begin to come into the country.

    ”I must also appreciate President Muhammadu Buhari for supporting the effort and for his willingness to steer the cause,” NAN quoted Kachikwu as saying at the forum.

     

  • 12-man EFCC, NEITI panel to  find NNPC’s missing $12.9b

    12-man EFCC, NEITI panel to find NNPC’s missing $12.9b

    Investigators are battling to locate a $12.9 billion payment to the Nigerian National Petroleum Corporation (NNPC).
    The Economic and Financial Crimes Commission( EFCC) and the Nigeria Extractive Industries Transparent Initiative (NEITI) have raised a 12-man panel to trace the cash, which was paid to the oil giant by the Nigerian Liquefied Natural Gas ( NLNG).
    Some former ministers and past top officials of NNPC may be invited by the EFCC to shed light on the matter.
    The $12.9b, which was remitted to NNPC between 2005 and 2013, was neither paid to the Federal Government nor put into the Federation Account.
    A source, who spoke in confidence with our correspondent, said: “Preliminary investigation showed that NNPC officially confirmed the receipt of the $12.9billion. The oil corporation also admitted that it did not remit the funds.”
    NEITI will provide records at its disposal.
    There is a strong suspicion that the cash might have been used for miscellaneous expenses, including election financing, The Nation learnt.
    The source also confirmed that the committee might look into non-remittance of $1.8billion proceeds of divestment from some oil blocks. Only $100million was paid into the Federation Account.
    “We have a lot of issues to look into but the $12.9billion is certainly a priority. As at 2012, the NLNG cash paid to NNPC was $11.63billion but further investigation confirmed that it hit $12.9billion by 2013.” The source said, adding:
    “This investigation requires multi-agency cooperation. There are areas we will involve the Department of Petroleum Resources (DPR) and the Federal Inland Revenue Service( FIRS).”
    Some of the issues were contained in the NEITI 2015 Annual Activity Report, which was obtained last night.
    The report said in part: “NEITI audit reports confirmed that the sum of $11.63billion has been received by NNPC but has not been remitted to the Federation Account as required by law.
    “These findings have been communicated to the Federal Government.
    “NNPC assigned its 55% equity in OMLS 4,26, 30,34, 38, 40,41, 42 between 2010 and 2012 under the SPDC /JV Agreement. The value of divestment was assessed by DPR as $1,847,785,233.97 but only the sum of $100million was paid in 2014 and the $100million was not paid into the Federation Account but to NNPC/NPDC Special Account.
    “The Petroleum Profit Tax (PPT) and Royalty validation carried out in the 2013 Audit Report revealed  total under assessments of the sum of $210.05million for PPT and $456.871million for royalty respectively due to inappropriate application of office variable in the determination of fiscal value for royalty calculation: Realizable Price( RP) or the Official Selling Price (OSP).”

  • NNPC makes $105.74m from crude sale in October

    NNPC makes $105.74m from crude sale in October

    The Nigerian National Petroleum Corporation (NNPC) , at the weekend, said it recorded a total crude oil sale of $105.74 million in October this year – $25.76 million lower than the preceding month’s performance.

    Its monthly financial and operations reports for October stated: “A total export sale of $105.74 million was recorded in October, 2016. This is $25.76 million lower than the preceding month’s performance. Crude oil export sales contributed $21.40 million (or 20.24 per cent) of the dollar transactions compared with $86.80 contribution in the previous month.

    “Also, the export gas sales amounted to $84.34 million in the month. Twelve month Crude Oil and Gas transactions indicate that Crude Oil & Gas worth $2,768.73 million was exported.”

    The report, however, added that total export proceeds of $97.29 million were recorded in October 2016 as receipt against $115.57 million in September.

    In the month under review, NNPC said contribution from crude oil amounted to $18.90 million after adjusting $2.50 million lifting deposit utilised earlier.

    The report explained: “Gas & other proceeds was $78.39 million. The total receipt of $97.29 million remitted to fund the JV Cash Call for the month of October 2016 to guarantee current and future production.”

    It attributed the poor performance to attack and sabotage of oil facilities in the Niger Delta.

    NNPC explained that at Forcados Terminal alone, about 300,000 bpd were shut in since February, following force majeure declared by Shell Petroleum Development Company (SPDC).

    The report noted that a number of  crude oil liftings were deferred until the repair is completed.

    Other major terminals affected by the renewed spate of vandalism are: Bonny, Usan, Que Ibo terminals and the attack on the Nembe Creek Trunk Line (NCTL).

    According to the corporation, “Total export crude oil & gas receipt for the period of November 2015 to October, 2016 stood at $2.66 billion. Out of which the sum of $2.59 billion was transferred to JV Cash Call in line with 2015/2016 Approved Budget and the balance of $0.073 billion was paid to the Federation Account.

    “However, this amount falls short of the calendarised appropriated amount of $615.80million and $712.46million for 2015 and 2016 respectively. This is due to worsening production and fall in crude oil price.”

    In terms of Naira payment to Federation Account, the report explained that Domestic Crude Oil and Gas receipt during the month amounted to N104.68 billion, consisting of N3.24 billion from Domestic Gas and the sum of N101.44 billion from Domestic Crude Oil.

    It explained that of the N101.44 billion receipt from crude oil, N59.50 billion (US$302.03 million) was transferred to Joint Venture Cash Call (JVCC) being a first line charge and to guarantee continuous flow of revenue stream to Federation Account.

  • NNPC chief solicits Oba of Benin’s support

    NNPC chief solicits Oba of Benin’s support

    The Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has urged the Oba of Benin, Ewuare II, to assist in  protecting the corporation’s facilities from vandals.

    Baru spoke in Benin City, Edo State capital, when he visited the monarch.

      He said NNPC had two major companies in Benin City; Nigeria Petroleum Development Company (NPDC) and Integrated Data Service (IDSL).

    The NNPC chief said the support was needed to end pipeline vandalism, adding that NNPC spends heavily to repair damaged pipelines.

    He appealed to the oba to educate residents of oil and gas producing communities to create an enabling environment that will benefit people.

    Baru assured the oba that the corporation would give scholarship to youths in the host communities studying related courses, and orphans.

    Oba Ewuare urged Baru and the NNPC to provide more contracts and employments for residents of host communities.

  • Mimiko: Profile in treachery

    Mimiko: Profile in treachery

    A cartoon published earlier by Punch offers perhaps the most prophetic foreword to the political tragedy that climaxed in Ondo on November 26. Someone in an unconscious state is sketched being hustled away from the shelter of the Iroko (big oak tree) as the Good Samaritan mutters, “struck by lightning”. Indisputably, the Iroko moniker is patent for the brand of politics Dr. Olusegun Mimiko has retailed in Ondo State in the past two decades.

    The ill-starred vagrant depicted in the cartoon could only be Eyitayo Jegede, a senior advocate he had anointed to succeed him as governor, only to finish poorly in last weekend’s polls. The cartoonist’s surreal evocation is obviously rooted in Yoruba cosmology, which ordinarily invests the Iroko shrub with some metaphysical prowess.

    But in the event that such powers prove impotent under a tempest, so much that the proverbial lightning could strike so viciously right under its shadow, it is then safe to conclude that such Iroko must have “gba abode” (come under an evil spell).

    What remains therefore is its decapitation as a rite in exorcism. For a man who has more or less dominated Ondo politics in the last decade, so sad that Mimiko would end riotously on a low. Now completely stripped after the November 26 endgame and haunted still by the grotesque shadow of PDP in complete disarray on account of factionalization, it would be entirely surprising today if Iroko is not already filled with nostalgia for the comfort and the peace of mind the old Labour Party had provided him before greed for power lured him to PDP in 2014.

    For an outgoing governor, nothing indeed could be traumatizing as the thoughts of a hostile takeover. For a man obsessed with the affectation of populism over the years and who, by action, seemed forever apprehensive about how future historians would accommodate him, how ironic that Mimiko will have to spend his remaining days in office agonizing more on how to balance the naira and kobo in the financial book, let alone bother about what fate awaits the sundry cenotaphs carved in his image across the state. But let no one shed tears for this prodigal son.

    Alas, the Iroko of perfidy is irreverently toppled by the whirlwind of Karma. Only poor students of history would not have foreseen this calamitous end for Mimiko. In hindsight, it is obvious that the deep fissures in PDP at the national level contributed to Jegede’s defeat.

    But even as the chairman of the PDP Governors Forum, Mimiko acted up his billing as a political sailor without moral compass. All along, he continued to flirt with both the Makarfi camp and the Sheriff faction, perhaps shamelessly hoping to bed one after the other.

    Until Jimoh Ibrahim locked the room and took away the key. To be fair, overall, no one can deny the fallen Iroko credits for modest achievements in the area of improved healthcare (especially maternal welfare) and empowerment of market women through the provision of stalls and soft loans. But with the hostile take-over of last weekend, Iroko has lost the opportunity to have a say in how his story in the last eight years will be officially documented.

    And the stories of his little miracle here and there will likely be completely obliterated when the “enemies” commence a re-write after his exit. Essentially, Mimiko’s tragic flaw stems from the carnal assumption that political success is to be measured only by material acquisitions without subscribing to any enduring moral value.

    To believe in nothing and stand for nothing is the worst cardinal sin. Even common harlots are governed by some ethics – an obligation to keep clients’ confidentiality, for instance. Now, Iroko’s loneliness should be framed in the proper context. In his hey-day, he conveniently chose to believe that politics and politicking could exist in a moral vacuum.

    A psychotic affliction which led my brother and colleague, Sam Omatseye, to memorably characterize him as “whitlow of the South-west”. IN his delusion, the medical-doctorturned- politician forgot that politics is defined by an avowal of a set of values. Without that, the player is perhaps no better than a motor-park tout, scavenging for his next meal ticket.

    To the scion of the otherwise illustrious Mimiko family of Ondo town, politics is all about self and the preservation of narrow interests. That explains why his political odyssey in the last seventeen years would now look more like an adventure in treacheries and infamy.

    As an appointee of Governor Ade Adefarati of Alliance for Democracy (AD) between 1999 and 2002, he was recruited by PDP to undermine his benefactor. When Olusegun Agagu became governor in 2003 through PDP’s now infamous “operation totality” in the South-west, he was compensated with the plum office Secretary to the State Government.

    Barely two years later, he was “promoted” to Abuja as minister. But he wanted something bigger – Agagu’s job! That set him at odds with Obasanjo and Agagu and would ignite a chain of events culminating in his migration to the Labour Party in 2006. His scant regard for loyalty explains why he later felt no scruples in trading the otherwise much cherished Labour badge away for a rickety accommodation in PDP two years ago, thus casually abandoning mid-stream the teeming community of workers across the country who had basked in the illusion of a toe-hold, if not foothold, in political power in Nigeria through Ondo.

    Yet, when it mattered most, when the PDP hyenas callously left him defenestrated in 2006, it was the same Labour that graciously offered him shelter and platform for rehabilitation. Having used the vehicle to gain second term in 2012, he opted to trade with PDP. Without conscience, he owed workers whopping six months salaries, but had money to finance his surrogate’s election bid.

    Without shame, he again attempted to deceive the same labour unions weeks ago by urging them to vote Jegede with a laughable promise to pay after the elections. The same lack of sense of loyalty also explains why Mimiko hardly batted an eyelid three years ago before clamping down heavily on the popular Adaba FM in Akure.

    For airing news items he did not find flattering, he showed naked power by doing the unthinkable – dug a deep valley in the only access road to the station! That punitive action rendered it inaccessible to workers and clients. Yet, when PDP “stole” his mandate in 2007 and he was left alone in the wilderness, the same Adaba FM provided him a platform to speak directly to the Ondo public, at no cost.

    At personal level, the ordeals of Asiwaju Bola Tinubu and Barrister Jimoh Ibrahim are now public knowledge. For all Tinubu’s moral and financial support during the protracted legal battle to reclaim his stolen mandate, Mimiko, emboldened by his new PDP friends in Abuja, would turn round to publicly call his old benefactor unprintable names during his re-election bid in 2012.

    If Jimoh Ibrahim chose to go dirty and personal against Mimiko and his surrogate, it is probably the only way the maverick businessman imagined he could avenge what he considers a great betrayal. The story is told of how the Igbotako-born publisher of Mirror Newspaper had extended huge financial support as well as legal guidance and counseling to Mimiko while fighting Agagu between 2007 and 2008 even though the latter was supposed to be his kinsman.

    But once Mimiko entered office, as the story goes, one of the early actions he took was to move against Ibrahim’s interest in Ondo’s hospitality sector. In 2010 came a big drama at the Akure airport. On landing from Abuja in a chartered propeller aircraft, Mimiko decided to walk over and say “hello” to Ibrahim nestling in his new Challenger jet.

    But no sooner had the governor stepped onto the aisle than Ibrahim reportedly barked at him, wondering what strange coffee he drank: “Who invited you to my plane?! Get out of my plane!!” With his security details left in a quandary as Ibrahim raised hell, Mimiko quietly left the scene.

    The paths of the two old-buddiesturned- adversaries would again cross in 2011 when Ibrahim first sought to contest the governorship on the platform of PDP, the sponsorship of which he had since taken over. As the story goes, then President Goodluck Jonathan counseled him to wait till 2016 as “Mimiko is working for me even though he’s in Labour Party.”

    Though disappointed at the turn of events, Ibrahim obeyed Jonathan. Thus, “federal might” was put behind Mimiko to overrun APC’s Rotimi Akeredolu in 2012, rendering PDP’s own Olusola Oke a political orphan in the polls. But no sooner had Mimiko been sworn in for second term in 2013 than he, characteristically, decided to officially move over to PDP, thus displacing Ibrahim’s as the party leader in Ondo.

    Extravagantly hoping Jonathan would deliver himself in 2015, Iroko began to see himself as PDP’s clearing-house in South-west and, ipso facto, the new Yoruba leader. Today, the lightning has struck and Ibrahim is obviously having the last laugh.

     

    NNPC, stupidity & Niger crude

    Coming on the heels of perceived “re- Northernization” of the commanding height of NNPC and the presidential marching orders for the resuscitation of oil exploration in the Lake Chad trough, the Buhari administration’s latest pet project to construct 1,000km-pipeline to link the Kaduna refinery with Niger Republic is bound to further inflame the nation’s already tense ethnic relations. Maikanti Baru, the Group Managing Director of the Nigerian National Petroleum Company, was quoted as announcing at a town hall meeting in Kaduna last week that the decision stems from the perennial difficulty experienced in transporting crude oil from the South-south to the Kaduna Refinery and Petrochemical Company (KRPC).

    His words: “Due to challenges with the aged refinery and crude oil pipelines that had been breached severely, the operations of the refinery have been epileptic. This we’re determined to resolve through various intervention methods, including evaluation of alternative crude oil supply from Niger Republic through building of a pipeline of over 1,000 kilometers from Agadem to Kaduna.”

    In fact, KRPC’s M. D., Idi Mukhtal, added that the plant was already being reconfigured in view of the new supply source, the way a butcher sharpens his knife before the slaughter. For a significant undertaking with such profound implications for Nigeria’s sovereignty, it is quite alarming Baru acts and speaks so casually.

    One, much has been said about Nigeria’s dis-articulated economy being the root of our national poverty in the face of abundant resources: we import what we already have and export what we seriously lack. Baru’s latest gambit provides yet another comic illustration. If the nation is witnessing forex crisis today, it is partly because the bulk of what we earn from crude export is used to offset the importation of refined petroleum products. It is one vicious cycle.

    So, when Baru finished laying his funny pipeline to Niger, how will he be paying the crude import? Two, an argument has raged back and forth on the viability of the nation’s aging refineries in view of new economic realities with a near consensus that government no longer has business running them.

    In fact, experts have suggested outright sale of the nation’s collection to private investors seen as better equipped to run them more profitably and efficiently. That is why the privately owned 650,000 pbd Dangote Refinery expected to come on stream in two years offers some hope. So, how do we reconcile this with Baru’s proposal?

    Three, it is obvious that the 1,000km pipeline is Karu’s own silver bullet to sidestep the “head ache” from Niger Delta militants opposed to the continued flow of crude from their soil to the north over perceived neglect and injustice. But that is being clever by half.

    A more sustainable approach is to summon the political will and address the long-standing fundamental issues verging on fiscal federalism rather than seek cheap escape route.

    In any case, is it not the same South-south that would invariably finance the construction of the proposed 1,000km pipeline through the daily harvest of crude oil?

  • NNPC: 224 firms bid to buy crude

    NNPC: 224 firms bid to buy crude

    • Europe, India, China still buy 

    total of 224 companies yesterday bided to buy Nigerian crude through the 2016/2017 Nigerian National Petroleum Corporation (NNPC) Crude Term Contract.

    Speaking with reporters at the bid opening in Abuja, the Group Managing Director, Dr. Maikanti Baru, said the number of companies that will emerge from the bidding will be a factor of actual production focus in February next year.

    He said: “The companies to emerge from the bid would be decided on actual production focus around February when the tenders are supposed to come in,” adding that the state-run oil firm selected about 37 companies from its bidding exercise last year.

    Baru however pointed out that the volume that the Federal Government would be offering for sale from the transaction will be about 600,000 barrel per day (bpd) from the Joint Venture operations.

    He added that 100,000 bpd would also be available from the transaction through royalties and taxes accruing from Production Sharing Contract (PSC).

    Baru said: “It is the volume that we get our JV operations that is about 600,000 barrels per day when you have full operations. We also have somewhere in the region of 100,000 barrel per day in terms of royalties and  tax that is accruing from the PSC operations. So these are the kinds of volumes we are expecting for next  year.”

    He said NNPC was looking forward to refiners,  gigantic traders and companies that have invested tremendously in the downstream oil sector.

    “We are targeting refiners and also big traders as well as companies that have made substantial investments in the oil and gas industry, particularly, downstream in Nigeria,” Baru said.

    He said it was untrue, rumours that the government was finding it difficult to get buyers for the nation’s crude, noting that Nigeria’s crude is hot cake, adding that it is very valuable because of its light nature and also yields several by products.

    Baru said contrary to the common opinion that the crude goes only to China, it goes to India and most European countries.

    The GMD said: “There is that speculation that we are suffering for markets. It is not quite true. Nigerians crude  has continued to earn premiums and they are hot cakes all over for refiners because of the light nature of the crude; it gives very high yields on the valuable products that are produced  from crude oil.

    “Nigerian crude continues to maintain the market. In fact, contrary to a lot of speculations that a lot of Nigerian crudes go to China, no, they don’t. Most of them are consumed in India and Europe, particularly this year and last year, most of Nigerian crudes end in European countries.”

    According to him, the ceremony marked the opening of the 2016/2017 bid tender for Nigerian crude under the NNPC on behalf of government for the people of Nigeria.

    He said the corporation is not signatory to the account of the proceeds but only plays the role of confirming the payment for the crude.

    He added that the proceeds from sale of crude goes directly to the Federation Account in the Central Bank of Nigeria (CBN).

  • PENGASSAN to Buhari: Don’t scrap NNPC, others

    PENGASSAN to Buhari: Don’t scrap NNPC, others

    The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has advised the Federal Government to rescind its decision to scrap the Nigerian National Petroleum Corporation (NNPC) and other regulatory agencies in the sector.

    Its spokesman, Comrade Emmanuel Ojugbana, said the decision of the government was at variance with reforms globally.

    “While it is important to note that a wholesome reform in the oil and gas industry is desirable and proper, it is equally not advisable to contemplate any sort of restructuring without the buy-in of the persons such action will directly or indirectly impact. It is curious to note that a critical aspect of organisational reforms like the work force would be over-looked in the current contemplation,” the oil workers scribe lamented.

    According to him, it is only the National Assembly that has the powers to either repeal or enact laws on corporations and agencies duly set up by law.

    The body said its attention was drawn to a proposal by the Ministry of Petroleum Resources to ‘restructure’ the industry, particularly the scrapping of selected regulatory agencies and NNPC, adding that several stakeholders’ forum had been held on such a plan by the Ministry.

    PENGASSANsaid it has been at the fore front of getting the Petroleum Industry Bill (PIB) passed into law by the National Assembly.

    PENGASSAN said: “We had made several input known on some burning issues which include job security, job creation, transparency in fiscal regime, infrastructural development, promotion of local content, local refining capacity, community development and wealth creation for Nigerians.

    “While exercising tremendous restraint at joining issues, we owe it a duty to the general public and our stakeholders to state that we are completely in the dark with regard to the proposed industry road map.  We have continued to serve as the voice of reason within the Nigerian set up insisting on genuine reforms that will sanitise the system and regain the confidence of Nigerians and stakeholders in the industry.”

    PENGASSAN, however, expressed readiness to support any initiative aimed at revamping the oil and gas industry just as it will challenge under-development and impoverishment of Nigerians under the guise of restructuring.

  • …inaugurates NNPC, NNRA, NCDMB boards

    …inaugurates NNPC, NNRA, NCDMB boards

    President Muhammadu Buhari on Friday inaugurated the boards of three government agencies.

    They included the Nigerian National Petroleum Corporation (NNPC), Nigeria Nuclear Regulatory Authority (NNRA) and Nigerian Content Development Monitoring Board (NCDMB).

    President Buhari noted that the new boards were coming at a time the global petroleum industry was witnessing a downturn in purchase, which resulted in dwindling production by most producer nations.

    He said that the importance of the boards cannot be overemphasised as oil and gas are the country’s foreign exchange earners.

    He said: “Your job should be to ensure propriety in the management of these most important national institutions. You should advise the minister and the corporation management on the most effective way for Nigeria to get more money from our assets.

    “Nigeria has been hit by the misfortunes of oil industry but several countries have been hit much harder.

    “The composition of the board will be chaired by the Minister of State Petroleum and other well selected persons who have both the experience and knowledge to drive the NNPC into harnessing its potentials and fulfill its expectations to the nation even at this challenging time in the oil and gas industry,” he added

    He said that his expectations from the members of the boards is for them to ensure that the NNPC charts a way to face the current economic challenges.

    Charting a new course, he said, will involve a careful look at the ongoing reforms designed to steer the corporation to achieve better performance and efficiency.

    He also charged the boards to explore more innovative ways to resolve the joint venture funding constraints and other investment issues.

    Buhari noted that there had been an improvement in transparency through publishing of monthly operational and financial report of the corporation since his administration came on board.

    “This, added to the major restructuring of the corporation and the liberalization of the downstream sector, are pointers to the determination and focus of the new NNPC under this administration.

    “Finally, I must mention that the task before you is enormous, but I am confident that with your wealth of experience and knowledge of members of this boards, the desired growth, this government aspirations and indeed the aspirations of Nigerians will be achieved within a reasonable time frame,” he stated.

    Kachikwu, who is the chairman of the three boards, thanked the President for giving the boards members the opportunity to serve.

    He said: “We have heard your kind words of wisdom and the steer you have given us in terms of ensuring transparency, focus and thinking outside the box in a bid to finding solutions to many of the problems that plague many of these parastatals.

    “We assure you that the people you have appointed are competent, experienced and nationalistic and will do the very best to reduce the burden on your shoulders in terms of the management and steer of these institutions.

    “For NNPC, a lot, like you mentioned, has already been achieved but a lot still needs to be achieved and we will be working with the management through the board to try and get them to where they should be,” he said

    For the NCDMB, he said that the challenge to grow local content is more apparent now when Nigerians are out of work and because of the need for local contracting companies to replace foreign contracting companies.

    “There is indeed an urgency of yesterday to ensure that the new NCDMB will move Nigeria forward to make sure Nigeria gets the benefits,” he said.

    He said the NNRA would assist the country towards seeking alternative power sources to power villages and cities across the country.

    “Mr. President, be reassured we will continue to work night and day to fulfill the mandate you have given to the Nigerian people and the steer and transparency that you have continued to exhibit as you rule this country,” he said

    Speaking with State House correspondents at the end of the inauguration, Kachikwu said: “Some of the expectations that we set for ourselves are to get various boards of the parastatals of the ministry all inaugurated before the end of the year.

    “There are six of them. Three have been inaugurated today. The other two, which are PPPRA and PTI, would be inaugurated by myself in the next couple of days.

    “With that, we have completed the whole process of inaugurating all the boards.”

    He said that the appointments were not done to compensate anybody.

    The Executive Secretary of NCDMB, Engineer Simbi Wabote said that a new challenge had been given to the board to take the Nigerian content to the next level and enable Nigerians to participate actively in oil and gas sector.

    He said: “To transfer the needed know-how to ensure that as Nigerians we are the ones responsible in moving the oil and gas sector to the next level. A lot has been achieved in the Nigerian content, for now we have to notch it a step higher than it is today.

    “There will be a lot of transparency as charged by the Presidency, and we will come up with a clear Nigerian content blueprint and everybody will be aware of where we want to be in the next five years.

    “Nigerian content is not a sprint, it is a marathon. We will take our time to do what is right to ensure that we attract foreign investments into the country while managing our local resources effectively.”