Clanreporters

President Bola Tinubu, on Monday, inaugurated the 11-member board and management team for the Nigerian National Petroleum Company Limited (NNPCL) in the Presidential Villa, Abuja, with a charge on them to focus on profitability, increased production, and robust governance.

Speaking shortly after he inaugurated the team, Tinubu emphasized that their appointment should not be viewed as “cake sharing,” but call for optimal performance.

He also called for a critical review of the Petroleum Industry Act and recognition of the Niger Delta’s vital role in producing oil.

Addressing newsmen after the event, Chairman of the 11-man board, Chief Pius Akinyelure, set a production target of two million barrels per day by 2024 for the NNPCL, just as he identified the challenges confronting Nigeria’s oil and gas industry.

He thereafter canvassed a comprehensive overhaul of the national security architecture with a view to addressing losses incurred through oil theft and pipeline vandalism, among others.

He said: “Our commitment is to produce at a rate of two million barrels per day, anytime from next year. But to do this, we have to overhaul our security architecture so that the incidences of stealing, vandalism of pipelines can be reduced. And this will possibly help to build up our cash flow. And this will possibly help to build up our cash flow.”