ENGR Ahmadu Musa Kida, the new non-executive Chairman of the Nigeria National Petroleum Corporation Limited (NNPCL), has requested patience from Nigerians as the board works on oil sector reforms. After the inauguration of the 11-member board by President Bola Tinubu, Kida told State House journalists that the board is committed to fixing the sector but emphasized the need for time due to the complexity of the task.
“Our task is huge. But we are deeply honored to be part of the very select few called upon by the President to reform the oil sector. One thing we can assure you is that we will always tell Nigerians the truth, irrespective of how bitter it will be. We will walk our talk with personal integrity and openness,” Kida said.
Kida affirmed that the oil industry will henceforth operate as a limited liability company. He noted that with the signing of the Petroleum Industry Act (PIA) into law, the nation transformed the NNPCL into a Limited Liability Company. “Our mission is to implement best practices. We will do everything within our means to fulfill the president’s directives regarding production, refineries, attracting Foreign Direct Investment, and corporate governance,” he said.
Regarding plans to list the oil company on the Nigeria Stock Exchange, Kida mentioned that this will be considered only after a proper assessment of the oil sector. “Before investing in any business, one must evaluate what the company represents, how it is managed, its governance structure, and the reporting mechanisms.”
“We are fully prepared to launch the company’s IPO. We want Nigerians on the streets to look at the NNPCL as their own,” he said.
