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NNPC weekly review: FG approves incorporation of NNPC Ltd

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NNPC weekly review: FG approves incorporation of NNPC Ltd

By Edith Ike-Eboh & Emmanuel Afonne

Abuja, September 26, 2021 In accordance with Section 53 (1) of the Petroleum Industry Law 2021, which requires the Minister of Petroleum Resources to cause the incorporation of NNPC Limited within six months of promulgation of the Petroleum Industry Act (PIA) in consultation with the Minister of Fice on the nominal shares of the company, President Muhammadu Buhari approved the incorporation of the Nigerian National Petroleum Company Limited.

The chairman also approved the appointment of a board of directors and management for NNPC Limited and asked the NNPC Group Managing Director, Malam Mele Kyari, to take the necessary steps to ensure the incorporation of NNPC Limited in accordance with the provisions of the PIA. 2021.

He appointed the chairman of the NNPC board as senator Ifeanyi Ararume, while Kyari and Umar Ajiya were appointed chief executive and chief financial officer respectively.

Other Board members appointed by the President are Dr Tajudeen Umar (North East), Ms Lami O. Ahmed (Center-North), Malam Mohammed Lawal (North-West), Senator Margaret Chuba Okadigbo (South-East) , lawyer Constance Harry Marshal (South East) and Chief Pius Akinyèle (South West).

Araraume was in the Senate for two terms between 1999 and 2007 on the platform of the People’s Democratic Party (PDP).

He was born December 16, 1958 and attended St. Eugene Primary School, Eziukwu Aba in present-day Abia State and St. Christopher Primary School, Umuluwe, Osuachara in Isiala Mbano Local Government Area , State of Imo.

He obtained a first degree in Business Administration from Liberty University, Lynchburg, Virginia, United States of America.

He also holds a master’s degree in international relations from the University of Benin.

Kyari was born on January 8, 1965 in Maiduguri, Borno State.

He attended Biu Community Public Secondary School between 1977 and 1982.

Kyari graduated from Maiduguri University in 1987 with a Bachelor of Science in Geology.

He completed his mandatory National Youth Service Corp (NYSC) program with the Food, Roads, and Rural Infrastructure (DFRRI) Branch between 1987 and 1988 as a well site geologist.

Between 1988 and 1991, he worked with the Nigerian Geological Survey Agency before joining the NNPC subsidiary, Integrated Data Services Limited (IDSL), where he worked as a geophysicist in seismic data processing within the data processing department. .

In 1998, he was assigned to National Petroleum Investment Management Services (NAPIMS) and worked as an exploration geophysicist.

In 1998, he appointed the Exploration Geophysicist, Production Sharing Contract (PSC) at NAPIMS until 2004, when he became the Abuja Operations Manager of NAPIMS.

In 2006, was PSC Supervisor, Crude Oil Marketing Division (COMD) of NNPC, reaching the position of Chief and then Director of Production Contracts Management of COMD between 2007 and 2014.

He was appointed General Manager of Oil Inventory Management, COMD, where he worked until 2015 before being appointed Group Managing Director, COMD and later in 2019 as Group Managing Director of NNPC.

Ajiya holds a B.Sc in Accounting from Ahmadu Bello University, Zaria, in 1987 and an MBA from Lagos State University, Nigeria in 1998.

He has over 30 years of experience in the oil and gas industry and started his career at Elf Petroleum (now Total) and joined Nigeria Liquefied Natural Gas Limited (NLNG) in 1991.

Ajiya has made a significant contribution to raising funds for NLNG trains as well as marketing LNG.

He rose through the ranks to hold several positions including Head of Treasury, Fice and Marketing & Business Development.

In 2012, he joined NNPC as General Commercial Director of the LNG division where he created LNG marketing JVs. Prior to being appointed Chief Ficial Officer of the NNPC in 2019, he was responsible for the planning and corporate strategy of the NNPC group.

He was also Managing Director of the Petroleum Products Marketing Company (PPMC) where he championed the transformation of PPMC from a loss-making entity to a profitable one for the first time in 2017.

He sits on the board of directors of several organizations, including the Federal Inland Revenue Services.

Akinyelure was for his part the former national vice-president of the Congress of All Progressives, Southwest zone (2014-2018).

He is also a chartered accountant and technocrat in the petroleum industry.

After a 35-year career with ExxonMobil which spanned both the upstream and downstream industries, he retired as Executive Director, Fice and External Relations.

He continued to maintain interests in business, industry and politics.

He was first appointed to the board of directors of the NNPC in 2016 and reappointed to the board in June 2020.

In addition, Umar was the former chairman of the Nigeria-Sao Tome and Principe Joint Development Authority (JDA), a bilateral organization established by the governments of Nigeria and Sao Tome and Principe to manage the exclusive economic zone straddling the maritime borders of the Nigeria with Sao Tome and Principe.

He is a petroleum geologist with over 30 years of experience in the oil and gas industry and has held several positions in the public and private sectors ranging from purely technical to management and executive.

He also held the position of Executive Director, Oversight and Inspections, of the same organization while also serving as President.

He was first appointed to the board of directors of the NNPC in 2016 and reappointed to the board in June 2020.

Ms. Ahmed has over 30 years of professional experience spanning the entire oil and gas industry value chain.

His pursuit of further education and continuous personal development has earned him three master’s degrees in physiology, business administration and social work.

Ahmed is a successful businesswoman and philanthropist who is involved in several charitable initiatives and humanitarian services across the country.

She was first appointed to the NNPC Board of Directors in June 2020.

Lawal is an engineering procurement specialist with over 35 years of experience in design and maintenance engineering, engineering procurement (supply chain management), public policy administration and politics.

Mohammed, who was reappointed to the NNPC board in May 2020, has been a member of the NNPC board since 2016.

Lady Margaret Okadigbo is the wife of former Senate Speaker Chuba Okadigbo.

She is originally from Anambra State and is a successful businesswoman and politician.

Marshall is also a seasoned lawyer and is part of the Harry Marshall family of Rivers State.

Harry Marshal was the political ally of President Buhari of the South-South.

He was murdered in his bedroom on March 6, 2003, in Abuja.

Attorney Constance Marshal was a former coordinator at Rivers State for the 4 + 4 Rivers State Chapter project.

During the week under review, the NNPC, in its Monthly Financial and Operational Report (MFOR), said it recorded total export sales of crude oil and gas of $ 219.75 million in May, or an increase of 180.29% compared to the previous April.

According to the report, export sales of crude oil contributed $ 181.19 million (82.45%) of dollar transactions compared to $ 4.22 million the previous month, while the sales component to the gas export amounted to $ 38.56 million in May.

The report also showed that between May 2020 and May 2021, the Company exported crude oil and gas worth $ 1.64 billion.

In the gas sector, the report showed that natural gas production during the month under review increased 6.19 percent cemt to 222.23 billion cubic feet (bcf) compared to the previous month’s production. , resulting in an average production of 7,177.53 million standard cubic feet (mmscf) of gas per day.

For the period May 2020 to May 2021, a total of 2,898.34 billion cubic feet of gas was produced, representing an average daily production of 7,322.94 mmscf during the period.

Since the start of the period, the output of Joint Ventures (JVs), Production Sharing Contracts (PSC) and the Nigerian Petroleum Development Company (NPDC) has contributed around 60.94%, 20.04% and 18, 99% respectively.

Of the 216.29 billion cubic feet of gas produced in May, a total of 133.56 billion cubic feet was marketed, of which 44.02 billion cubic feet and 89.54 billion cubic feet were for domestic markets and export respectively.

This, he said, translated into a total gas supply of 1,419.83 mmscfd in the domestic market and 2,893.66 mmscfd in the export market for the month.

It also implied that 61.75 percent of the average daily gas produced was marketed while the remaining 38.25 percent was either re-injected, used as upstream fuel, or flared.

In the downstream sector, the report indicates that the Petroleum Products Marketing Company (PPMC), a downstream subsidiary of NNPC, achieved 295.72 billion yen in sales of petroleum products during the month under review compared to 220.13 billion yen. yen in April.

In addition, the total revenue generated from the sales of petrochemicals for the period May 2020 to May 2021 was 2.345 billion yen, where Premium Motor Spirit (PMS), also known as gasoline, has contributed approximately 99.61% of total sales with a value of ₦. 2.336 trillion.

In terms of volume, the figure translates to a total of 2.241 billion liters of white goods sold and distributed by PPMC in May 2021 compared to 1.673 billion liters in April 2021.

Total sales of petroleum products for the period May 2020 to May 2021 amounted to 18.651 billion liters and PMS accounted for 99.69% of the total volume.

In May, 64 pipeline points were vandalized, an increase of 39.13% from the 46 points recorded in April.

The Port Harcourt area accounted for 65% and the Mosimi and Kaduna areas 30% and 5% respectively of the vandalized points.

The NNPC, in collaboration with local communities and other stakeholders, continually strives to reduce and eventually eliminate this threat.

Regarding security, the company’s group security department reiterated the need to put all hands on deck to ensure effective security of the company’s assets and staff.

Group Executive Director, Business Services, Ms. Aisha Katagum, said at the Q3 Security Stakeholder Meeting held at NNPC towers, Abuja.

She said that although security is an important aspect of life that should be everyone’s business, it was necessary to always engage with security guards whose primary duty is to secure people and equipment in the process. to understand their challenges and help them be more effective in their roles.

For his part, the director general of the group’s security department, Mr. Abba Kaka Mohammed, said that the quarterly security stakeholders meeting is a platform for reviewing and evaluating strategies to ensure the end-to-end security of the company and its facilities across the country.

The stakeholder meeting brought together representatives from security agencies such as the Nigerian Police (NPF), the Nigerian Army (NA), the National Drug Law and Enforcement Agency (NDLEA), the Department of State Security Services (DSS ), Nigeria Security and Civil Defense Corps (NSCDC), Federal Road Safety Corps (FRSC), among others. (Www,)

Source: NAN

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