The chairman of House of Representatives Committee on Petroleum Resources (Downstream), Ikenga Imo Ugochinyere, has commended the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, over the reorganisation of the nation’s apex oil company, end of subsidy payment, increasing crude oil production.
The lawmaker also urged for more support to local refineries to consolidate and lay the foundation for sustainable energy security.
The Legislative Committee chairman and member representing Ideato North/South federal constituency, in a statement on Thursday, also lauded the Kyari-led NNPCL management’s efforts which culminated into the end of subsidy payment, crude production rise.
The House committee’s chairman particularly commended Mele Kyari on the ongoing reorganisation of NNPCL that has witnessed new reforms such as the appointment of Dapo Segun as Chief Financil Officer (CFO) and others.
Recall that the NNPC Limited on Wednesday announced a major shake-up in its top management team with Dapo Segun, formerly EVP Downstream replacing Umar Ajiya as the oil company’s CFO.
NNPCL, in a statement by its Chief Corporate Communications Officer, said: “The Board of Directors of NNPC Limited is pleased to announce a series of strategic leadership appointments. These changes reflect our continued dedication to enhancing corporate governance, improving operational efficiency, and ensuring long-term success in Nigeria’s energy sector.
“The following key appointments have been made: Mr. Adedapo A. Segun has been appointed as the Chief Financial Officer (CFO). Mr. Segun previously served as the Executive Vice President, Downstream, where he made significant contributions to the company’s downstream operations.”
In his reaction to the shake-up, the chairman of the House Committee on Petroleum (Downstream) Ugochinyere said the reorganisation was in line with the Petroleum Industry Act (PIA).
While welcoming the development, lawmaker urged NNPCL and other relevant agencies to continue with their role of supporting local refineries to transform the petroleum sector.
He said: “The Committee is impressed with the recent steps taken by the NNPCL under the leadership of Mele Kyari in the last few days which signal a ray of hope for Nigerians as their petroleum sector is on the path for a positive renaissance.
“We therefore commend the Kyari-led NNPCL management for these steps. Earlier this week, the company ended decades of massive importation of petroleum products into the country despite large deposits of crude oil.
“This step is expected to save the country as much as $10 billion in hard currency in-country annually, as the NNPCL said it now buys from the 650,000 barrels per day Dangote Petroleum Refinery located in Lagos.
“Interestingly, Kyari declared declaration that all the oil producers in the country must supply crude to the four NNPC refineries when they come back on-stream. He also profiled NNPC as a proud part owners to the Dangote Refinery, explaining that the company saw an opportunity in the $20 billion refinery as a clear market for at least 300,000 barrels per day of its production, which will enable it to avert being caught in the emerging shrinking market for crude oil.
“On the heels of that, NNPCL has announced a major shake up in its top management team with Mr. Adedapo Segun appointed as the Chief Financial Officer (CFO) and Mr. Udobong Ntia named Executive Vice President (EVP), Upstream.
“These appointments as the company acknowledged, showed its commitment to building a unified and competent leadership team to drive operational excellence and support the institution’s strategic objectives.
“While urging NNPCL to maintain this tempo, we equally expected the company and other relevant agencies to continue supporting local refineries to thrive so that there will adequate supply of petroleum products as well as opening the market for socioeconomic prosperity of our country Nigeria.”
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