NNPC to review audit reports, monitise gas resources

THE Nigerian National Petroleum Corporation's (NNPC) has unfolded plans to review all audit reports on its activities in the past five years and monetise gas resources for 'national economic growth and development.'The newly appointed Group Managing Director of the NNPC, Andrew Yakubu made this disclosure during his inaugural town hall meeting with management and staff of the corporation in Abuja, yesterday.He noted that NNPC will have a zero tolerance for corruption and all cases of corrupt practices will be severely dealt with in accordance with extant laws.'My agenda for the new NNPC will also include focusing on entrenching accountability and transparency, rebuilding NNPC's financial position, implementing NPDC growth strategy, monetising gas resources for national economic growth and development, revamping critical facilities and infrastructure, as well as promoting capacity building, empowerment and staff welfare.He said that the management team under his watch will introduce new business models in all its Strategic Business Units (SBUs) and Corporate Service Units (CSUs), adding that it will ensure the commercial viability of the corporation in order to remain competitive in the global oil and gas industry.The GMD stated that the management team would reposition the NNPC to become a commercially focused and profit-driven organisation that is governed by best management practices using current technology in its effort to transform the Corporation.'To ensure early realisation of this objective, all SBUs and CSUs must be positioned to pursue and maintain competitive operational and business efficiency, cost effectiveness, input/output optimisation, revenue maximisation and profitability,' Yakubu said.He listed the initiatives to be considered by the new management for immediate approval and implementation to include: new business models and organisational structures for all the SBUs and CSUs such as NNPC Retail Ltd, Nigerian Petroleum Development Company (NPDC) and others; recapitalisation creation of profit-oriented SBUs; implementation of project sanction and approval procedure and implementation of performance management based on commercial orientation.According to him, 'My agenda for the new NNPC will also include focusing on entrenching accountability and transparency, rebuilding NNPC's financial position, implementing NPDC growth strategy, monetising gas resources for national economic growth and development, revamping critical facilities and infrastructure as well as promoting capacity building, empowerment and staff welfare.He stated that the corporation would ensure the security and rehabilitation of its key pipeline infrastructure across the nation to ensure efficient supply and distribution of petroleum products to every nook and cranny of the country.The new NNPC helmsman assured that management will work towards providing adequate welfare package for staff as well as strengthening its human resource base which he described as the corporation's greatest assets.
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