Ntia, spoke during an Upstream Governance, Risk and Compliance Workshop themed “Enhancing Governance, Risk and Compliance in Nigeria’s Upstream Sector” held in Lagos, on Tuesday.

Delivering his opening remarks at the workshop, Ntia stressed that governance, risk management, and compliance are at the foundation of NNPC Ltd’s core values of Integrity, Excellence, and Sustainability.

READ ALSO: Tanker spill: LASTMA averts disaster

He commended the upstream leadership and regulators for supporting the initiative to assemble stakeholders to discuss issues that have a bearing on individual and collective success towards attaining the clear mandate of sustainably ramping up the nation’s crude oil production.

The EVP also reiterated his readiness to provide enablers within his purview that will accelerate the implementation of initiatives that will enhance governance, risk management and compliance in the upstream sub-sector.

The workshop had in attendance NNPC Ltd’s Chief Compliance Officer, Mr. Nasir Usman; NNPC Ltd’s Chief Upstream Investment Officer, Mr. Bala Wunti; representatives of industry regulators such as the Nigerian Upstream Petroleum Regulatory Commission, NUPRC; the Nigerian Content Development and Monitoring Board, NCDMB, and over 20 upstream operators from International Oil Companies in Nigeria.

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The president gave the commendation on Tuesday.

In a review meeting at the State House, the president said that using the Naira was conceived to remove the exchange rate hurdle.

“Whatever solution we proffer in crude oil and refined products sales in Naira should not take us back to our experience in the last 40 years.

“There can be cost and revenue adjustment in the oil sector, but the issue is that the government will not have to go back to the old way of doing things,’’ the president stated.

President Tinubu said the various players in the oil sector, including the Nigerian National Petroleum Corporation Ltd and the Dangote Refinery, should work to improve the economy and the livelihood of Nigerians.

The president urged stakeholders to look inward and consider supplying enough petrol and petroleum products for local consumption to stop the persistent reliance on importation.

He said that would enable the channelling of foreign exchange into the development of the real sector.

The president advised stakeholders to use Afreximbank as a settlement bank to resolve the Naira pricing for crude and refined products.

Afreximbank is already on board as the financial adviser.

“The market must determine what we are doing. Once you allow the market to determine the profit and loss, independent marketers and the government side can meet on the worksheet. I want the issues resolved without further waste of time,’’ he added.

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“We can have energy security, and the motivation for Alhaji Aliko Dangote will not be defeated.  It will be more predictable on a medium and long-term basis,’’ the president said.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the administration’s groundbreaking steps to sell crude in Naira would not be reversed, and the government would not be involved in determining the rate of exchange for the oil sector.

The President and Chief Executive of Dangote Group told the president that the refinery had more than 500 million litres of fuel in reserve after supplying 400 million to the economy.

He said the refinery could collaborate with the other refineries managed by NNPC Ltd to meet an estimated 32 million litres of local petrol needs.

At the meeting, the Federal Inland Revenue Service Chairman, Zach Adedeji, who chairs the technical committee, said importing refined products should end once we have the capacity to produce enough to meet domestic needs.

“The vision of Mr President is to turn Nigeria into a hub for refined products to export to the world.”

Other stakeholders at the meeting included Prof. Benedict Oramah, the President and Chairman of the Board of Afrexim Bank, and Sen. Abubakar Atiku Bagudu, the minister of budget and national planning and Group Managing Director of NNPC Limited, Mele Kyari.

The president’s special adviser on energy, Olu Verheijen, and the CEOs of NIMASA and Nigerian Ports Authority also attended, along with Engineer Gbenga Komolafe, head of Upstream Regulator, and Farouk Ahmed, head of Midstream & Downstream Regulator, NMDPRA.

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The Group Chief Executive Officer, GCEO, of NNPC Ltd., Mele Kyari, said this at the 22nd edition of the 2023 Nigeria Oil and Gas, NOG, Energy conference and Exhibition on Tuesday in Abuja.

The theme of the conference is, “Powering Nigeria’s Sustainable Energy Future.”

Kyari, while speaking on “Redefining Nigeria’s Energy Landscape for a Sustainable Energy Future,’’ said the decision was based on the law.

“As a company that it is guided under the regulations of the Companies and Allied Matters Act, the NNPC Ltd. will declare its shares to the public for acquisition very soon.

“We will pay taxes; we will pay royalties like anyone; we will also pay dividends to our shareholders which many of you are.

“We are in business and business means competition. We are a private sector, forget about the fact that we are owned by the government 100 per cent.

“You are also aware, we are going Initial Public Offer very soon; we will sell a part of our equity.

“It is in the law, and once that happens, we will not be any different for any of you and it will be a very different business environment,” he said.

On subsidy removal, Kyari said it had ensured positive change in the sector by freeing up capital for powering the sustainable supply of energy.

“Are we positioned to facilitate business? Yes, but our partnership produced over 80 per cent of the oil and gas in the country either directly or through our off stream company or through our partnership.

“I am in a position to facilitate business. On the PSC today, we are just agents of the state, trying to make sure we deliver value to them and then they will pay.

“I am sure you appreciate this new relationship. The PSCs are not on the balance sheet on the NNPCL.

“We make sure you do your work because when you do, we are compensated 40 per cent of your profit oil. So, it is important for us as well as business for us,” he said.

On energy poverty, the NNPCL boss said the focus was now to ensure that more people had access to energy.

Kyari said, “Over 30 per cent do not have access to electricity. So, is energy available or is it the problem of affordability. Or it is that we have an unsustainable situation or is it combination of all of them? I think we are dealing with the combination of all.”

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According to him, energy was not available, it was not affordable in definite sense.

He said that was due to many structures and issues that made affordability a matter of concern for everybody.

“We supply gas, we do not get payment for it; we supply power and we do not get payment for it.

“So, you cannot run any business this way. You cannot be sustainable. You cannot create affordable energy and it will not be available.”

According to him, affordability, accessibility and sustainability were the drivers of Nigeria’s energy future.

He said that key initiatives on the horizon for NNPCL would include expanding gas infrastructure to deliver gas across West Africa and potentially, Europe.

He further said expansion of liquefaction capacity of NLNG and enabling availability of LPG as a cooking fuel and CNG as alternative fuel for automobiles were paramount.

Kyari then reiterated the need to bridge the skilled manpower gap, ensure asset security, and invest in infrastructure to transform challenges into opportunities.

The NOG Energy Week is Nigeria’s foremost international energy conference aimed at discussing policy implementation, vital energy agenda and investments, among others.

The ongoing event was attended by policymakers, regulators, leaders, stakeholders and partners of the industry.

Source: NAN

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