Chineme Okafor in Abuja
The Nigerian National Petroleum Corporation (NNPC) on Sunday disclosed that it will review the key performance indicators (KPIs) and other operational strategies it had given to its subsidiaries to boost its plan of becoming a fully integrated national oil company.
NNPC stated that the reviews would enable it prosper as an oil company despite the changing dynamics of the global oil industry.
Its Group Managing Director, Dr. Maikanti Baru, said this at the corporationâ€™s first quarter 2018 top management steering committee meeting held in Abuja.
A statement from the corporationâ€™s Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, quoted Baru to have admitted that there were tremendous changes going on in the global oil industry which NNPC must plan well to survive through.
Baru explained that apart from the review of its operational KPIs, the other new strategies to be adopted by NNPC would include setting realistic targets for immediate sign-off, as well as spending items capable of improving its bottom-line.
All these, Baru noted would become NNPCâ€™s long-time survival strategies to achieve efficiency, growth and profitability in its operations.
â€œThe 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 donâ€™t live in isolation in the industry and therefore, we must act now,â€ said Baru in the statement.
According to him, the NNPC was accelerating its action on the holistic rehabilitation of its four refineries in Kaduna, Warri, and Port Harcourt, in addition to strengthening its internal control mechanisms and intensifying exploration efforts in the frontier oil basins.
He added: â€œToday, we are reviewing the mission and vision of the corporation and have also ventured into renewable energy and power sectors.â€
The statement equally quoted NNPCâ€™s Chief Operating Officer (COO), Downstream, Mr. Henry Ikem-Obih, to have explained that a lot of work had been done to get the corporation to measure up with its peers.
Ikem-Obih noted that the corporation was investing a lot in downstream supply and distribution assets, and that now its focus in the 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 its corporate business vision.
He said: â€œGradually, we are repositioning from an intervention engine for the nation to one that is ready to make profit, grow and create value for our teeming stakeholders.â€
Similarly, NNPCâ€™s Group General Manager, Corporate Planning and Strategy Division, Mr. Bala Wunti, said the essence of the meeting was to review performance, redefine expectations, identify areas of improvement and implement actionable items that would boost efficiency and high profitability.
Wunti noted that the meeting had brought to the fore areas yearning for further improvement which the division would vigorously pursue to ensure profitability and growth for NNPC.
He said: â€œIt is important that we do what we need to do like any other NOC to move on the upward trajectory and be able to achieve our mandate of delivering value to our major shareholders, who are Nigerians.â€