Following sustained attacks and vandalism of national oil assets, the Nigerian National Petroleum Corporation (NNPC) said it is planning to set up a security advisory council to tackle the perennial challenge threatening the economy of the country. The Nigerian Petroleum Development Company (NPDC), a subsidiary of the NNPC, said it lost N1.5 trillion due to attacks on its facilities in 2016.
Speaking during a visit to NNPC by the management of Media Trust Limited, the Group Managing Director of NNPC, Dr. Maikanti Baru, said there was need to evolve new measures to bring an end to pipeline vandalism, which deeply hurts the nation in no small measure.
Baru said the security advisory council would involve critical stakeholders, including security agencies, Niger Delta leaders, International Oil Companies (IOCs), which would address all security and host community agitations.
“We want to passionately appeal to those behind indiscriminate acts of infrastructure vandalism to put an end forthwith to these despicable acts, which are a great threat to the economy, the eco-system and energy security of the country,” Baru stated.
He explained that since coming on board, he has ensured that the NNPC was run as a FACTI-based corporation (Focused, Accountable, Competitive and a Transparent organisation conducting its business with Integrity.)
He noted that the corporation’s monthly operational and financial reports were always in the public sphere for all to see, adding that it was this new wave of openness and transparency that has earned the NNPC rave reviews and accolades among Nigerians.
“With the consistent release of our monthly financial and operational reports, the Nigerian Extractive Industries and Transparency Initiative (NEITI) recently commended us for embracing openness, subjecting our activities to greater public scrutiny and providing real-time information about the state of the nation’s oil and gas sector,” Baru said.
He explained that through his 12 Business Focus Areas (BUFA), the corporation has kick-started the implementation of policies to place the organisation on the path of growth and profitability.
The GMD explained that aside increasing the nation’s oil and gas reserves to 37 billion barrels of oil and 192 trillion cubic feet of gas respectively, the corporation has also commenced exploratory activities in the Gongola Basin with the aim of further growing oil and gas reserves and taking advantage of low oil prices, which make inland exploration cost-effective.
Baru also lauded the management of Media Trust Limited for its factual reportage of the corporation’s activities and operations.
“You have remained a leading voice in the fight against unwholesome activities of crude oil theft, pipeline vandalism and sabotage of the nation’s oil and gas installations. We will like to see this gesture continue,” he stated.
Speaking earlier, the Chairman of the Board of Directors, Media Trust Limited, Malam Kabir Yusuf, stated that the visit was to strengthen the existing cordial relationship between the two organisations and to also thank the NNPC management for the good works it was doing for the country.