Posted by By Chika Amanze-Nwachuku and Juliana Taiwo on
The new helmsman of the Nigerian National petroleum Corporation (NNPC) Engr. Abubakar Lawal Yar'Adua,yesterday assumed office, with a warning that corrupt officials will be shown the way out.
The new helmsman of the Nigerian National petroleum Corporation (NNPC) Engr. Abubakar Lawal Yar'Adua,yesterday assumed office, with a warning that corrupt officials will be shown the way out.
Specifically, Yar'Adua, who is the Acting Group Managing Director (GMD), said officials who who indulge in fraudulent act would be severely dealt with as his regime will ensure zero tolerance to any fraudulent act.
Speaking at the Valedictory ceremony in honour of the immediate past GMD, Engr. Funsho Kupolokun, the new NNPC boss noted that the staff of the corporation enjoy the best remuneration compared to their counterparts in other government organizations, and queried why they should indulge in acts of corruption."
For NNPC, we have nothing to hide. We believe in transparency. We are very transparent. and ofcourse, if anybody is caught not being transparent, he will be shown the way out because my own idealogy is zero tolerance to any fraudulent activity.
"NNPC is one of the companies in Nigeria that gives the best condition of service. We have one of the best salaries, we have one of the best medical services, we have one of the best transport services. So I don't see any reason for fraudulent activities. There should be zero tolerance to fraudulence", he warned.He assured that his regime will add value to the industry, especially in the areas of Renewable Energy, Nigerian Content as well as the upstream and downstream sectors."The NNPC will contribute its quota to government desire to revamp the Energy sector and make Nigeria one of the world's 20 most developed economies by year 2020" he said.
While noting that vandalizm of petroleum pipelines poses a very bid challenge to the industry, Yar'Adua stated his determination to confront the issue squarely."Recently, vandalism and other factors have remained challenges in the industry, but we will not relent in our efforts to surmount these challenges; with the co-operation of all and sundry.
This is a very sensitive challenge. And this can derail us, if we don't handle it very wel. We must must put our heads together to confront this external act.Recounting his 35 years experience in the industry, the former GMD noted that between 1999 and 2007, crude oil reserve grew from 22 million barrel per day 35 billion barrels per day, which according to him, is the growth rate since 1980."The growth was bouyed by ,major foray into the deepwater frontier.
Huge discoveries such as Bonga, Erha, and Yoho increased production capacity from 2mmb/d to 3mmb/d. Going forward, a full portfolio of projects has been compiled to further grow capacity to 4mmb.d by 2010 to meet national aspiration.
He aslo stated that apart from the various gas projects put in place during his tenure, a Downstream Gas Act is currently awaiting passage at the National Assembly, adding that the act will create the legislative framework to drive downstream investments and put clarity on roles and responsibilities of the various stakeholders.He canvassed for an early passage of the key gas legislation by the upper legislative house, noting that the delay will generate uncertaintity in the investment environment and put the nation at risk of loosing over $5billion in earnings as a result of leakages in the current gas fiscal arrangement, given that many major projects would have been sanctioned under this old fiscal scheme. Earlier, the Minister of State (Petroleum), Mr. Odein Ojumogobia SAN, remarked that the former NNPC boss, and other pioneer staff of the corporaion have built a solid foundation for the corporation to grow into a truly world clas oil and gas company and fully participate in global oil and gas operation.He said, Kupolokun would be remembered for his efforts at building Nigeria's oil reserves, the development of our gas resources, as well as the Nigerian Content initiatives.
He noted that the downstream sector impacts directly to Nigerians and expressed hope that the new GMD has the required experience to move the corporation forward.