The Nigerian National Petroleum Company Limited (NNPCL) has provided the Ministry of Finance Incorporated (MOFI) with an update on its latest developments, focusing on operations and investments.
The briefing, led by NNPCL’s Group Chief Executive Officer (GCEO), Mr. Mele Kyari, covered key innovations and strategic initiatives aimed at optimizing assets, ensuring operational sustainability, and achieving core targets.
A statement from MOFI confirmed that the discussions revolved around enhancing the efficiency of NNPCL’s operations while aligning with the Federal Government’s broader economic and financial objectives.
“Some recent developments in NNPCL’s operations were central to the presentation. These include the restart of operations in Warri and Port Harcourt refineries, the Naira payment of crude for local refineries, and major competition issues as it pertains the Dangote Refinery” the statement read.
MOFI expects that as NNPCL’s local refining resuscitation efforts, and market competition strategy continue, “sustaining the gains and improving performance will be key.”
The engagement is part of MOFI’s supervisory role over its portfolio companies, ensuring they operate effectively and contribute to national economic growth.
As one of MOFI’s key portfolio companies, NNPCL’s operational review was presented to MOFI’s Board and Management as part of ongoing oversight efforts.
MOFI’s mandate includes optimizing the Federal Government’s assets through structured supervision, ensuring portfolio companies remain focused on their strategic goals.
Through sustained monitoring, “MOFI provides strategic guidance to its companies, helping them maintain steady growth in line with the Federal Government’s economic vision.”
During the meeting, both organizations pledged their commitment to working together to achieve the objectives set by President Bola Tinubu’s administration for MOFI and NNPCL. The collaboration is expected to strengthen Nigeria’s petroleum sector, drive efficiency, and enhance the economic value of national assets.
The MOFI delegation led by its Board Chairman, Dr. Shamsuddeen Usman, alongside the Managing Director and Chief Executive Officer, Dr. Armstrong Takang at the discussions showed MOFI’s determination to ensure that government-owned enterprises maximize their potential and deliver value to the nation.