The Nigerian National Petroleum Company (NNPC) Ltd has received commendations from prominent businessmen and entrepreneurs, Alhaji Aliko Dangote and Mr. Tony Elumelu, for its exceptional performance and efforts in the oil industry.

Dangote, Africa’s richest man and Chairman of Dangote Group, stated that NNPC, under the leadership of its Group Chief Executive Officer, Mele Kyari, has the potential to become the African equivalent of Saudi Arabia’s Aramco.

Elumelu, Chairman of Heirs Holding, praised NNPC for its successful endeavors in curbing crude oil theft.

Speaking at the 2023 Upstream Investment Management Services Ltd (NUIMS) Annual Value Assurance Review (AVAR) Workshop, Dangote emphasized that NNPC has the capacity to generate billions of dollars in revenue if the right decisions are made.

He highlighted the transformation of NNPC from a government establishment to a commercial entity through the Petroleum Industry Act (PIA), noting that it is now independent of government funding.

Dangote further stressed the importance of NNPC taking on significant investments in the oil and gas sector to meet the growing demand.

He expressed confidence in the availability of many potential investors awaiting opportunities in the industry.

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Additionally, he advised NUIMS to focus on delivering strong returns by setting aggressive cost targets and incentivizing staff with attractive bonuses for meeting those targets.

Elumelu, echoing Dangote’s sentiments, acknowledged the improved performance of NNPC.

He shared the success story of Heirs Oil and Gas, which achieved a 96% recovery rate after experiencing significant production losses.

Elumelu called for further improvement and encouraged more investments in the industry.

Mele Kyari, the NNPC CEO, acknowledged the challenges facing the global oil and gas industry and stressed the need for innovative approaches.

He recognized the security and under-investment issues but expressed optimism that with the passage of the Petroleum Industry Act, NNPC is well-positioned to create value for Nigerians.

Kyari emphasized the importance of the upstream sector in generating cash and supporting the economy, and he pledged the company’s commitment to collaboration with partners to solve energy challenges and guarantee energy supply for industrialization.

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The Chief Upstream Investment Officer, Adokiye Tombomieye, highlighted the expectations placed on NNPC following the enactment of the Petroleum Industry Act, transforming it into a fully commercial entity.

He acknowledged the challenges faced by the company, including aging facilities, inadequate funding, and evacuation difficulties. However, he emphasized the enormous oil and gas reserve base in Nigeria and the significant role NNPC plays in the country’s economy.