Transparency, Research, Innovation Are Important in NNPC Ltd Transformation – Ogunleye

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Speaking during a Panel Session hosted by the NNPC Ltd at the ongoing 2024 CERAWeek Conference in Houston, the United States, the Executive Vice President of Gas, Power and New Energy, Nigerian National Petroleum Company Ltd (NNPCL), Mr. Olalekan Ogunleye said transparency, accountability, research, technology, and innovation are key drivers of the transformation currently happening in the company.

Addressing the theme: “Africa’s Energy Future: Access, Investment & Sustainability” Ogunleye said under the current leadership of Mr. Mele Kyari, the company has institutionalised the use of modern technology to drive its operations. This is a development that has created tremendous value for the company in its quest to compete with its global peers.

He said with the introduction of the Petroleum Industry Act (PIA) in 2021, NNPC Ltd has transformed into an integrated commercial entity that is mostly focused on transparency and accountability, which are core values that are vital towards the Company’s quest to float an Initial Public Offer (IPO) at the stock exchange.

“Over the last five years, the NNPC Ltd has been pushing the agenda of transparency, accountability and performance excellence. I am glad to say that we are setting very high standards, and this is a journey that we are all committed to going forward,” Ogunleye added.

He also said that transparency and accountability have a commercial component to them, be­cause they can make any organisation attractive to its partners and potential investors.

Ogunleye said the NNPC Ltd is currently working on becoming IPO-ready, stressing that once that is done, the IPO will be phenomenal and successful.

Describing the future as exciting for the NNPC Ltd, Ogunleye said as the biggest energy company in Africa with the biggest resources and largest market, the Company is committed to giving value to its shareholders by constantly improving its processes in line with global best standards.

He said gas will always be an important resource for Africa because it is the surest tool for economic development. He then called on all gas players in the industry to sustain the call for gas as a major energy source to be used in developing the economic and industrial fortunes of the continent.

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