President Muhammadu Buhari has urged the Board of the newly incorporated Nigerian National Petroleum Company (NNPC) Limited to ensure strict compliance with corporate governance principles that place premium on doing business with the highest ethical standards, integrity, and transparency.


Inaugurating the Board chaired by Senator Margery Chuba Okadigbo,
the President charged them to focus on profitability and operate at par
with its industry peers across the world.

The President reminded the Board members that they came on board as
a result of the reforms put forward by the Petroleum Industry Act (PIA)
2021, which seeks to reposition the Nigerian petroleum industry to a
commercially viable and competitive industry in line with global
business dynamics and best practices.


The Nigerian National Petroleum Company Limited is mandated to
focus on profitability and continuous value creation beyond the simple
fulfilment of legal and regulatory requirements.


President Buhari directed that there should be full alignment and
synergy between NNPC Limited, the Upstream Regulatory Commission
and the Midstream & Downstream Regulatory Authority in compliance
with the provisions of the law in all respects to deliver the onerous
reforms envisaged for the energy industry.