The management of the Nigerian National Petroleum Corporation (NNPC) has altered the mission and vision of the corporation formed in April 1, 1977.
Group Managing Director of the corporation, Dr. Maikanti Baru, who at the weekend confirmed the major review of the 41-year old mission and vision to now include venturing into renewable energy and power sectors, maintained that this move was a part of strategies for long-term survival. Addressing the 2018 NNPC First Quarter 2018 Top Management Steering Committee (Steerco) Meeting, Baru stated that changes in global industry landscape necessitated the strategies appraisal if the corporation wants to remain in existence for “efficiency, growth and profitability.”
The Mission of NNPC is “adding value, as an integrated Oil and Gas Company, to the nation’s hydrocarbon resources for thbenefit of all Nigerians and other stakeholders,” while the Vision is that the corporation “will be a worldclass oil and gas company driven by shared commitment to excellence.” “Today, we are reviewing the mission and vision of the corporation and have also ventured into renewable energy and power sectors,” Baru declared, according to the statement issued by Group General Manager, Group Public Affairs Division, Ndu Ughamadu. Though Baru was not explicit on other specific areas of the mission and vision reviewed, he affirmed:
“The changes we are seeing in the industry over the last few years call for some action on our part. This is because as a business concern, we don’t live in isolation in the industry and, therefore, we must act now.”
According to the GMD, some of the strategies considered by the corporation included reviewing Key Performance Indicators (KPIs), setting realistic targets for immediate sign-off, as well as spending items capable of improving the organisation’s bottom line. Other strategies, Baru noted, are expediting action on the holistic rehabilitation of the refineries; strengthening internal control mechanisms and intensifying exploration efforts in the Frontier Basins. Baru, who admitted the tremendous changes at play in the petroleum industry landscape globally, said it behoved oil companies to, as a long-time survival strategy, adapt to the changes for efficiency, growth and profitability.
Speaking at the meeting, Chief Operating Officer (COO), Downstream, Engr. Henry Ikem-Obih, said a lot of work had been done towards getting NNPC on the same pedestal with its peers, even as he commended the commitment and the resolve of the GMD at investing in NNPC’s downstream supply and distribution assets. Obih stated that the corporation’s focus now in the downstream sub-sector revolved around imbibing world-class culture, implementing best practices, focusing on cost reduction, improving efficiency, deploying cutting-edge technologies and having a clean balance sheet that reflects NNPC’s corporate business vision.
