NNPC Weekly: High expectations as Buhari unveils new NNPC

Activities for the week at the Nigerian National Petroleum Company Limited (NNPC Ltd), started with a cheering news that President Muhammadu Buhari will unveil the new NNPC on July 18.

This was disclosed within the week by the Group Managing Director/Chief Executive Officer of NNPC, Malam Mele Kyari, at the opening ceremony of the 8th African Petroleum Congress and Exhibition (CAPE VIII) which held in Luanda, Angola.

Kyari said the unveiling was in furtherance of the implementation of Section 53(1) of the Petroleum Industry Act which provides for the establishment of a new corporate entity known as NNPC Ltd.

Delivering a goodwill message at the conference, the GMD highlighted the revolution currently taking place in the Nigerian oil and gas industry through the implementation of the PIA.

He called on the industry leaders and other participants at the conference to join him and the NNPC family for the unveiling of the new NNPC.

He said the CAPE VIII was coming at a time when the world stood between the challenge of energy security and the necessity for energy transition in the context of energy justice.

Kyari stressed that there was need for all stakeholders to find amicable solutions to the challenges facing the sector.

He also called for collaboration between African oil producers, national oil companies and the multinationals to seek ways to sustainably finance the growth of the oil and gas industry; thereby ensuring the economic progress of African countries.

The African Petroleum Congress and Exhibition (CAPE) is a triennial initiative of the African Petroleum Producers Organisation (APPO), an intergovernmental organisation established in 1987 to serve as a platform for African petroleum producing countries to cooperate, collaborate, and share knowledge and competences.

The aim was to maximise the developmental and welfare benefits accruable from petroleum exploitation activities in its 15 member countries.

The 8th edition of the conference was organised by APPO in conjunction with the Government of the Republic of Angola, and AMETrade.

Also on a cheerful note, the Federal Inland Revenue Service (FIRS) commended the NNPC Ltd. for being the highest tax paying company in the country in the 2021 fiscal year.

The FIRS gave the commendation in a statement issued by its Executive Chairman, Mr Muhammad Nami, to celebrate its landmark achievement of generating over 6 trillion Naira in tax revenue for the first time in its history.

According to the FIRS, the feat defies the harsh global economic conditions imposed by the lingering COVID-19 pandemic to produce a heroic performance in tax payment and compliance.

“The FIRS is pleased to celebrate the top-performing taxpayers who contributed to her success in 2021. The Service surpassed its tax collection target in 2021, and in doing so, crossed the N6trn threshold for the first time.

“The feat recorded by the Service was also made possible by the uncommon leadership of the Commander-in-Chief of the Armed Forces of Nigeria President Muhammadu Buhari.

“It was also made possible by the active support of our supervisory Ministry, the backing of the National Assembly and its leadership, as well as the cooperation of all other stakeholders in the tax area.

“To everyone who contributed to FIRS’ success in 2021, we say thank you.

“Of particular importance was the contribution of our much-esteemed taxpayers, they defied the harsh global economic conditions imposed by the lingering COVID-19 pandemic to produce a heroic performance in tax payment, compliance and support.

“The combined efforts of all taxpayers made it possible for the Service to achieve the tax revenue collection of 2021 which provided revenue to our government,” the FIRS stated.

NNPC Ltd. had last year presented a symbolic cheque of N621 billion under the tax credit scheme to the ministry of works and housing for the construction of 21 selected roads across the country.

The Company had also in October last year expressed interest to invest in the reconstruction of selected federal roads in order to sustain a smooth supply and distribution of petroleum products across the country.

The road construction initiative executed under the tax credit scheme is being funded through the FIRS in accordance with President Muhammadu Buhari’s Executive Order 7.

Under the programme, the NNPC would construct a total of 1,804.6 kilometres of roads at a total cost of over 621billion naira.

The FIRS also recognised the Nigeria Liquified Petroleum Gas Company Ltd. as the Most Supportive Taxpayer.

It listed Shell Petroleum Development Company Ltd, MTN Nigeria Communications Plc, and Chevron Nigeria Ltd. and a subsidiary of the NNPC Ltd, Nigeria Petroleum Development Company (NPDC) among the Top-Performing Taxpayers for the year.

Still in the week under review, the GMD/CEO of NNPC Ltd., Malam Mele Kyari was honoured with the Chief Executive Officer (CEO) of the Year Award for 2021 by the Leadership Newspaper.

Also honoured by the Leadership Newspaper at its Annual Conference and Awards which held in Abuja, were Vice President Yemi Osinbajo and Dr Ngozi Okonjo-Iweala who were conferred with the 2021 Leadership Persons of the Year Award.

According to the newspaper’s Editorial Board, Kyari merited the award because of the high degree of transparency and accountability he brought to bear on the management of the NNPC, adding that under his watch, NNPC became an incorporated entity in line with the PIA.

“Kyari played a major role in turning NNPC into a profit-making national oil company and is instrumental in driving the present administration’s gas revolution, among other innovations,” the Leadership Board stated.

In his acceptance speech delivered virtually from Luanda, Angola, where he was attending the African Petroleum Congress and Exhibition (CAPE VIII), Kyari expressed profound appreciation to the Leadership Newspaper Group for recognising the efforts of the NNPC, adding that such an honour was a call to do more.

The award was received on his behalf by the Group Executive Director, Corporate Services, Mrs Aisha Katagum.

On his part, the Vice President, Prof. Yemi Osinbajo, noted that integrity was part of the core values that the late publisher of the Leadership Newspapers, Mr Sam Nda-Isaiah, stood for.

Osinbajo added that he was satisfied that his legacies were being maintained by the organisation.

Other dignitaries honoured at the event were, Minister of State for Petroleum Resources, Chief Timipre Sylva; Governor of Sokoto State, Alhaji Aminu Tambuwal; Governor of Akwa Ibom State, Mr Udom Emmanuel; Governor of Gombe State, Alhaji Muhammad Yahaya and the Governor of Bauchi State, Alhaji Bala Muhammed.

Also in the week, the Federal Government and the Nigerian NNPC Ltd. commended Seplat Energy Plc for taking practical steps to reduce the emission of carbon dioxide in line with the agenda to achieve net zero by 2060.

The Minister of State for Petroleum Resources, Chief Timipre Sylva, gave the commendation at the launch of the Tree for Life initiative by Seplat Energy Plc in Abuja.

Speaking at the event designed by the company to plant trees and keep the environment healthy as part of its carbon count, Sylva applauded Seplat for coming up with a practical way to reduce carbon dioxide from the environment.

He said that the promise made by President Muhammadu Buhari committing Nigeria to 2060 as the date for Nigeria to achieve net-zero carbon emission was a goal every Nigerian should work towards achieving.

Sylva noted that Seplat was already working towards that through the launch of the Tree for Life initiative.

He challenged other oil and gas companies in the country to take advantage of the various projects and corridors opened up by the Federal Government in the gas sector to reduce the nation’s carbon footprint, stressing that Nigeria had adopted gas as it’s the transition fuel to net-zero situation.

Speaking in similar vein, the GMD/CEO of NNPC, Kyari who spoke virtually from Luanda, Angola, where he was attending the African Petroleum Congress and Exhibition (CAPE VIII), said that NNPC was completely in support of Seplat in the Tree for Life initiative.

Kyari urged other operators in the oil and gas industry to toe similar path in tackling compliant issues.

In her remarks, the Chairman of the Board of Directors of NNPC Ltd., Sen. Margery Chuba-Okadigbo, said it was a great development for energy companies to be at the forefront of solving the global energy conundrum of heavily depending on fossil fuels for economic development yet wanting to get rid of it fast.

Speaking earlier in his opening remarks, Chairman of Seplat, Dr ABC Orjiako, said the Tree for Life project was a promise kept as it was a follow up on the promise made last year at the company’s Energy Summit to always conduct a carbon count in its operations.

The tree planting launch was performed by Sylva alongside Seplat’s Chief Executive Officer, Mr Roger Brown, Sen. Margrey Okadigbo, the NNPC Board Chairman and Dr ABC Orjiako, Chairman, Seplat, among others.