Business

Setting the record straight: Meritocracy and milestones at NNPC, By Olufemi Soneye

Published

3 months ago

December 28, 2024

It is important to address the concerns raised in Farooq Kperogi’s recent article, “Tinubu’s Buharisation of the NNPC”, and to clarify some of the misconceptions about the operations and leadership structure of the Nigerian National Petroleum Company (NNPC) Limited.

First, employment, promotions, appointments, and movements of business leaders at the NNPC are not influenced by ethnicity, tribe, religion, or political affiliation. Therefore, decisions within the NNPC are guided strictly by merit, business requirements, and expertise.

This approach ensures that only the most qualified and competent individuals occupy positions that are critical to the company’s success. It is significant that our company focuses on efficient and effective service delivery, which is anchored on the commitment of qualified work team.

The NNPC prides itself on being a professional organisation with a diverse leadership lineup that includes individuals from various parts of the world, not just Nigeria. The presence of qualified foreigners in the employ of the NNPC, who have been bolstering the value chain of production and distribution of allied products, is verifiable.

It is, thus, sad that a professor of Mr Kperogi’s standing would resort to and play up the issue of ethnic identities in the configuration of the work team in NNPC just to demonise President Tinubu.

This editorial preoccupation of Mr Kperogi is nothing but sheer red herring, ostensibly orchestrated to detract the President’s disciplined leadership that upholds the freedom of the NNPC as well as the company’s work ethic that has produced its strings of sterling performances.

Under the leadership of Mele Kyari, the NNPC has achieved remarkable milestones and recorded several “firsts” in the industry.

These milestones were not defined, coloured or contoured by primordial fault-lines of tribe and religion. They were inspired by the collective drive for excellence.

These milestones include groundbreaking advancements in exploration, production, and global partnerships that were previously thought unattainable.

This success is a testament to the company’s focus on competence and professionalism rather than on parochialism as insinuated in the editorial offerings by Mr Kperogi.

Regarding Mr Kperogi’s notions about President Bola Ahmed Tinubu, it is essential to highlight that Mr President has not interfered in the operations or leadership movements within the NNPC. On the contrary, his administration has introduced transformative policies that have added immense value to the oil and gas sector and the broader Nigerian economy.

President Tinubu’s approach has been to empower institutions like the NNPC to operate independently while fostering a conducive environment for growth and innovation.

His reforms have set a benchmark that has significantly improved the sector, surpassing the achievements of many of his predecessors.

It is disappointing that individuals like Mr. Kperogi, who have lived and observed governance structures abroad, would overlook these accomplishments and focus on divisive narratives.

Symbolism, while important, must not overshadow the substantive achievements and transformative impact of policies and leadership on national development.

We extend an open invitation to Mr. Kperogi to visit the NNPC and witness firsthand the professionalism, sacrifices, and daily efforts that go into driving Nigeria’s economic engine.

He will see a team that works tirelessly to contribute to the growth of our economy and the prosperity of our nation.

The NNPC remains committed to fostering unity, embracing diversity, and upholding the principles of meritocracy. It is through such commitments that we can continue to work to achieve and strengthen national cohesion and position Nigeria as a global leader in the energy sector.

We urge commentators and stakeholders alike to base their assessments on hard facts and evidence, rather than conjectures, for the greater good of our nation.

■ Olufemi Soneye is the Chief Corporate Communications Officer of the NNPC Ltd.

Business

Reps pass bill to give foreign investors Nigerian citizenship

The proposed legislation titled , “A Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 to include Citizenship by Investment as one of the classes of Citizenship in Nigeria, provide for the Acquisition of Nigerian Citizenship by Qualified Foreign Investors who meet Specified Investment Thresholds and for Related Matters (HB. 2059)” was sponsored by the, Benjamin Kalu, the deputy speaker and some other lawmakers.

Published

2 hours ago

March 27, 2025

OhiBaba

The House of Representatives has passed a bill to give foreign investors Nigerian Citizenship for second reading.

Business Day reports that the bill Is among the constitutional amendment bills which the Green Chamber is considering.

In the explanatory memorandum of the Citizenship by Investment Bill, it seeks to alter the Constitution of the Federal Republic of Nigeria, Cap C23 Laws of the Federation of Nigeria 2004 to introduce a new class of citizenship known as Citizenship by Investment.

The proposed alteration aims to attract foreign direct investment by granting Nigerian citizenship to individuals who invest in the Nigerian economy above a specified financial threshold or in strategic sectors critical to national development.

Business

FG Directs MAN, NECA, FRCN to Review 10% Financial Reporting Levy

Oduwole said the timeline for the suspension would not exceed 60 days, adding that the government is committed to addressing the concerns raised by the private sector.

Published

3 hours ago

March 27, 2025

OCHEFA

The Federal Government has temporarily suspended the implementation of 10 percent financial reporting levy imposed on public interest enterprises by the Financial Reporting Council, for the next two months.

This was in response to the requests by the private sector’s operators – the like of the Manufacturers Association of Nigeria (MAN), and the Nigeria Employers’ Consultative Association and Manufacturers Association of Nigeria (NECA) calling for the suspension of the FRCN Act, which imposes on non-listed entities. a 10 percent penalty on unpaid dues for every month of default, accumulating until full payment.

The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, announced the government’s decision at a Ministerial Consultative Meeting on the Financial Reporting Council Annual Dues for Public Interest Enterprises, yesterday in Abuja.

Oduwole emphasized that the government directed the Financial Reporting Council to pause in the implementation of the new annual dues.

She explained: ” A suspension request by the organised private sector would be in contravention of legislation duly passed by the National Assembly.

A pause is an administrative process simply to review, in line with what we discussed .

”Oduwole said the timeline for the suspension would not exceed 60 days, adding that the government is committed to addressing the concerns raised by the private secto

“We are a listening administration. The private sector has requested a range from three months to an indefinite suspension. We are not going to do that. So, at the most, 60 days is in my estimate.

“We are going to set up a technical working group comprising the FRC and the organised private sector who have formally written in, and this will be reviewed,’ she added.

Business

Police Investigates over N270m Thefts in UBA

CSP Benjamin Hundeyin, the command’s public relations officer, disclosed that the suspects conspired to illegally divert funds from domiciliary accounts into personal accounts before redistributing them to multiple destinations.

Published

2 days ago

March 25, 2025

OCHEFA

The Lagos State Police Command is questioning four officials of the United Bank for Africa (UBA) for alleged thefts of £138,924 (over N270 million) from international airlines’ accounts.

The fraud was uncovered when the bank detected unauthorized transactions and alerted the police.

The arrested officials include Shuaib Oluwatobiloba Olaleye, 27, who was arrested on March 12, 2025, in Ogun State, with a Toyota Camry 2012/2013 recovered from him. Oladunjoye Adegoke, 33, was arrested on March 13, 2025, in Victoria Island, Lagos, with a Toyota Camry (Pencil Light) recovered.

Austin Alfred, 38, Supervisor of the bank’s Trade Services Department, and Jude Uzobuaku, 36, a processor in the same department, were also arrested for facilitating the illegal transfer of funds to foreign accounts.

Police investigations revealed that the stolen funds were initially funneled into an account belonging to one of the suspects before being distributed to multiple other accounts to evade detection. Authorities are now working to identify additional accomplices and recover the remaining funds.

The suspects are in custody and will face prosecution as the investigation continues.

The police have urged the public to report suspicious financial transactions, reiterating their commitment to tackling economic crimes.