In a significant move towards optimizing the assets of the Federal Government of Nigeria, the leadership of the Nigerian National Petroleum Company Limited (NNPCL), led by its Group Chief Executive Officer (GCEO), Mr. Mele Kyari, visited the headquarters of the Ministry of Finance Incorporated (MOFI) earlier this week. The high-level engagement, initiated at the invitation of the MOFI Board, provided an opportunity for NNPCL to deliver a comprehensive update on its operations and key industry developments.
MOFI, which holds a supervisory mandate over NNPCL as one of its portfolio companies, plays a crucial role in ensuring the efficiency and profitability of state-owned enterprises. The meeting underscored MOFI’s commitment to sustained strategic engagement with its portfolio companies, aligning their activities with the broader national economic objectives.
The discussions centered on recent milestones achieved by NNPCL, including the resuscitation of Nigeria’s refineries, the Naira-for-Crude deal designed to support local refining capacity, and ongoing efforts to enhance affordability and accessibility in the oil and gas sector. These initiatives represent significant reform-driven successes, which MOFI emphasized must be sustained and replicated across the industry.
As Nigeria’s foremost energy company and a key player in the oil and gas sector, the performance of NNPCL has far-reaching implications for the nation’s economic growth. A well-functioning, transparent, and profitable NNPCL aligns seamlessly with the broader objectives of the Petroleum Industry Act (PIA) and President Bola Ahmed Tinubu’s Renewed Hope Agenda for the sector.
Speaking on the engagement, Dr. Armstrong Takang, Managing Director/CEO of MOFI, reaffirmed MOFI’s dedication to driving mass optimization of government-owned assets. He emphasized the importance of continuous collaboration with portfolio companies like NNPCL to maximize value, enhance operational efficiency, and ensure sustainable economic contributions.
Dr. Armstrong Takang, Managing Director/CEO of MOFI
Additionally, the leadership of NNPCL was commended for its ongoing reforms and efforts to build a globally competitive and financially robust national oil company. The collaboration between MOFI and NNPCL is expected to further enhance operational efficiency and deliver greater value to the Nigerian economy.
Under the leadership of Dr. Takang, MOFI continues to execute its mandate of ensuring that government-owned enterprises operate at optimal capacity, contributing significantly to Nigeria’s economic advancement and long-term prosperity.