Business
…As NNPC Unveils New Identity, Vision
The Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Mr Mohammed Barkindo, says that the company is prepared to face the challenges of oil and gas business as it transformed into a true National Oil Company (NOC).
Barkindo said this at the NNPC Transformation Town Hall Meeting in Abuja, where he unfolded the 18-month agenda of the corporation.
He said the corporation would shed its regulatory and supervisory roles in the industry and operate profitably like any other international NOC.
“We need to also transform the conditions under which we operate. At best, we remain the operators of the assets with the international oil companies (IOCs) working for us as contractors.
“We need to conquer our domestic frontiers and venture our operations offshore. We need to run an integrated, efficient and capitalised NOC which will produce its crude, refine and market its oil.
“It does not make sense to run as an NOC and yet be privatising your refineries,’’ Barkindo said.
The GMD said the corporation had set itself a target of N25 billion in costs savings per period of assessment as it began the transformation journey and surpassed it by N27 billion at the first review.
Spurred by the feat, he said the NNPC management was emboldened that the staff could make it and therefore decided to go on full “throttle”.
Barkindo said the initiative involved the various Strategic Business Units (SBUs) to maximise their profits.
By the same vein, he said, the cost centres, including medical, public affairs, corporate planning and legal units at the corporate head office, were to be encouraged to be effective service delivery centres.
According to him, the strategic autonomy must come with corporate independence hence NNPC needs to have quality assets to truly perform in the new dispensation.
Barkindo said that Acting President Goodluck Jonathan had promised that all the corporation’s assets taken away from it would be restored before the passage of the Petroleum Industry Bill by the National Assembly.
He said the Kaduna Refining and Petrochemical Company (KRPC) would also be capitalised to operate optimally and be able to source for funds from the capital market, run as a profit-making company and declare dividends to its shareholders.
“With this transformation, we shall be able to deploy staff to the areas they are best qualified to realise their full potential.
“Our business is that of dollar and cents, naira and kobo. In the year ending 2008, we recorded a deficit of N326 billion.
“If we were to operate under the companies and allied matters law like any other profit making company, we would have folded up,’’ Barkindo said.
He said it was time the NNPC moved away from the margin of negative numbers and transform its operations in line with industry’s best.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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