PPRAC lauds Kyari’s work at NNPC as NOC nears its first IPO

Mele Kyari, group managing director and chief executive officer of NNPC Ltd, has been lauded for transforming the fortunes of the NNPC from a loss-making national oil company (NOC) into a profit- making venture. In addition, the NOC is close to moving in the same direction as its well known global peers such as Saudi Aramco, Petronas, by listing on the stock exchange as a going concern with profit making motive.

Public Policy Research & Analysis Centre (PPRAC) said NNPC Ltd under the watch of Kyari has witnessed sterling performance.

PPRAC, while conferring its “2020 Zik Prize for Public Service Leadership” on the NNPC GMD, said he has brought about corporate governance on the national oil company, which made it record its first profit in 44 years.

In September (this year), NNPC made a profit of N287 billion, the first since its establishment in 1977.

According to Mac Wabara, speaking on behalf of PPRAC, Kyari was recognised following his distinguished leadership role and sterling achievements in the NNPC, which are all evident through the various reforms he instituted at the corporation through transparency and accountability.

“Mele Kyari continues to seamlessly transform the operations of NNPC, including deepening domestic gas utilisation, rehabilitation of the nation’s refineries and public disclosure of NNPC accounts, the first in NNPC’s 44 years of existence,” Wabara said.

He added that Kyari’s greatest achievement was turning around the fortunes of NNPC, from a loss position, into a profit-making entity.

“Under Kyari’s watch at the NNPC, the company declared a profit after tax of N287 billion in 2020 after losses were reduced from N803 billion in 2018 to N1.7 billion in 2019. This is unprecedented in the history of the NNPC,” he stated.

He further explained that Kyari also consistently played a huge role in the enactment of the Petroleum Industry Act (PIA), stressing that with the coming of the legislation, the NNPC is now well-positioned to operate efficiently, like its global peers.

Responding, Kyari said in the last two years, the NNPC has automated its processes and systems; reduced its costs of operations and focused on delivering value to Nigerians, in line with his management vision of transparency, accountability & performance excellence (TAPE).

He added that the enactment of the Petroleum Industry Act (PIA) has placed huge responsibility on the NNPC to do things differently and be much more accountable to its shareholders, the over 200 million Nigerians.

He said the Zik Leadership award will spur him and his management team to work harder towards becoming an international national oil company (INOC) that is at par with its global peers.

Other recipients of the prestigious Zik Leadership award include the Lagos State governor Babajide Sanwo-Olu; Nasarawa State governor, Abdullahi Sule; former secretary to the government of the federation, Anyim Pius Anyim; minister of state for health, Olorunimbe Mamora; director-general and CEO of the Nigerian Maritime and Safety Agency (NIMASA), Bashir Jamo and MD/CEO of the Nigeria Sovereign Investment Authority (NSIA), Uche Orji.

Established in 1994 by the PPRAC and now in its 26th edition, the Zik Prize in Leadership is aimed at highlighting Nnamdi Azikiwe’s legacy of patriotic fervor and nationalist vision.