The Nigerian National Petroleum Corporation, NNPC, has vowed to continue
to find sustainable solution to the challenge posed by insurgency in the
The Corporation said it had created security management platforms that
would enable it identify and evaluate risks, develop and superintend
implementation of investigations, and aggregate and deploy necessary
resources to guarantee peaceful business environment in the region.
The NNNPC Group Managing Director, Dr. Maikant Baru stated this in an End
of Year Message to staff of the Corporation today in Abuja, stressing that
NNPC was committed to implementing a robust security and stakeholders’
strategy that would ensure that peace reins in the industry operational
Dr. Baru attributed the recent increase in the country’s oil and gas
reserves to 37 billion barrels and 192Tcf respectively to the relative
peace that was instituted in the Niger Delta.
He explained that over the year, NNPC adopted strategies to ensure the
Corporation’s operational profitability, citing the renegotiation of all
existing contracts which had enabled his Management Team achieve
substantial value realization of between 5-30 per cent discounts.
“This singular effort alone translated to substantial cost savings in
favour of NNPC”, the GMD noted.
Dr. Baru expressed delight in the completion of negotiations with NNPC JV
partners towards the resolution of cash call funding challenges through
payments of arrears that were owed the partners.
He said this feat was achieved by developing a clear payment plan as well
as the pursuit of an alternative funding strategy, stressing that arrears
of up to December, 2015 have been fully reconciled, with repayments plan
also agreed upon.
He said the ultimate objective of the recently signed off agreements
between NNPC and the JV Partners was to enable NNPC transit into an
Incorporated Joint Venture (IJV) business model for all the current Joint
The Group Managing Director of NNPC declared that with the support of his
staff, other industry critical stakeholders as well as the generality of
Nigerians, NNPC was able to bring stability to petroleum products supply
and distribution situation in the country.
“Today, motorists drive in and out of filling stations with ease. This
would not have been achieved without the collective efforts of all of us,”
the GMD said in his statement.
Dr. Baru said NNPC had commenced the implementation of a 12-key Business
Focus Areas developed by his Management Team which he said would enhance
the Corporation’s business performance, adding that his team had also
completed arrangements to put in place structures that would enable smooth
implementation of new business models for its Strategic Business Units and
The GMD in the End of Year Message expressed appreciation to President
Muhammadu Buhari who he noted had provided enormous support to his team’s
efforts to reposition NNPC while he equally gave kudos to the Minister of
State for Petroleum Resources, Dr Emmanuel Ibe Kachikwu whose able
leadership, he reckoned, was strength to his team.
Dr. Baru took over as NNPC GMD from Dr. Ibe Kachikwu on July 4, 2016 when
the latter was appointed Honourable Minister of State for Petroleum
Resources by President Muhammadu Buhari.