NNPC directs unit heads to start implementing new policy framework on autonomy, cash calls

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The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Kacalla Baru has directed the Chief Operating Officers (COOs) of the corporation to start immediate implementation of a policy framework- the 12 Business Focus Areas (BUFA), aimed at institutionalizing efficiency, profitability and growth in the group.

Specifically, the proposal would lead to developing new business models that would grant autonomy to the various units of the Corporation; Settling Joint Ventures Cash Calls; Ramping up crude oil production and reserves growth; Growing NPDC as the Corporation’s cash cow and Focusing on gas development for both domestic and export markets

According to a statement by the Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, the GMD, while receiving the reports of the eight committees mandated with the task of developing appropriate strategies to drive the implementation of the 12 BUFA said the COOs could revert to management, should there be any grey areas requiring further intervention.

Components of 12 BUFA, initiated by the present Group Managing Director, include: Ensuring security of NNPC assets; Developing new Business Models that would grant autonomy to the various units of the Corporation; Settling Joint Ventures Cash Calls; Ramping up crude oil production and reserves growth; Growing NPDC as the Corporation’s cash cow and Focusing on gas development for both domestic and export markets.

Others are: Upgrading existing refineries and creating opportunity for refining expansion; Focusing on renewable energy and Frontier Exploration; Revamping the oil and gas infrastructure; Pursuing profitable ventures and common services; Ensuring professionalism and Accountability of the Corporation and Catering for the welfare of staff who are regarded as critical stakeholders for the success of the vision.

Describing the preliminary work done by the various 12 BUFA committees as “a commendable effort”, Baru said the document would put NNPC on the path of growth and profitability.

Baru said in such cases, the documents would be subsequently reviewed jointly by NNPC Management and the Committees, followed by full implementation.

The GMD reckoned that though the planning stage of transformation initiatives is usually slow, the implementation of the 12 BUFA would herald phenomenal growth that Nigerians can attest to.

Also speaking at the occasion, the Group General Manager, Corporate Planning & Strategy (CP & S) of the Corporation, Mr. Umar Ajiya commended the various committees for an excellent job.

He added that the committees’ work was a very important step in setting the corporate scorecard for each of the ABUs which are all geared towards improving efficiency and profitability for the Corporation.

It would be recalled that in December 2016, Dr. Baru inaugurated the eight committees and charged them with the task of preparing grounds for the implementation of the 12 BUFA using earlier templates used by the 20-Fixes and other similar initiatives.

The committees include those of Upstream, Refineries, Gas & Power, Downstream, Finance & Accounts, Ventures, Corporate Services as well as Corporate Planning & Strategy (CP & S).

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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