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The new directors of NNPCL appointed by President Bola Tinubu last week have been widely welcomed by Nigeria’s oil industry chieftains and analysts for their cognate experience and impressive private sector background, but they are taking over a corporation buffeted by chronic political problems and unethical business practices.
They are therefore well informed about the deficiencies of NNPCL and are well equipped technically to turn it around into another IOC, or a semblance of it. They can bring the best practices in the IOCs to bear on NNPCL. But they will have to overcome political interferences; opaque organizational culture; chronic industry problems and huge corruption, among many other typically Nigerian challenges.
d) Simply meet the funding obligations NNPCL has with their JV operators: Nigeria has been a laughingstock in the global oil industry for not paying their 55% to 60% share for funding JV operations, yet would be the first to take their share of the JV production. The board should simply do the right thing. Pay up NNPCL’s share of funds and then earn its share of the produced crude oil and gas.
f) Merit-based hiring at NNPCL: During the eight years of President Buhari as the minister of petroleum, the ‘northernisation’ of NNPCL in many aspects was brazen. Going forward, an annual performance review of the employees should be done and the bottom 5% let go and replaced, if necessary. New recruitment should be transparent and merit-based.g) Endless search for hydrocarbon in Northern Nigeria: Since the 1970s, NNPCL has been exploring for oil and gas in the northern part of Nigeria.
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