Group urges FG to restructure NNPC

Chinazor Megbolu

A group known as the Nigeria Natural Resource Charter (NNRC)has urged the Federal Government to restructure the Nigerian National Petroleum Corporation (NNPC)in a bid to boost competitiveness in the oil and gas industry

The organisation disclosed this at the weekend, asking the government that restructuring the agency will make it more competitive and productive in line with international best practices.

The NNRC, a non-profit policy organisation, said that NNPC, over the years, has consistently underperformed against the NNRC’s global best practice benchmark for optimal national oil company performance.

It also noted that the underperformance shows that the country’s oil corporation be accountable to the citizens and government, with a ‘well-defined mandates and an objective of commercial efficiency.

The NNRC, however, lauded the NNPC for its commitment towards its TAPE agenda and its recent efforts to it by publishing the 2018 audited reports of its subsidiaries.

According to NNRC; “still, there remains a need for greater transparency and accountability. It is expected that these practices will survive the present administration and going forward become part of the corporate culture.

“Holistic improvements across the NOC would require clear and appropriate decisions and role of the NOC and how it is financed, corporate governance systems that limit political interference and allow for efficient oversight, and a commitment to transparency and accountability”.

The NNRC, which is committed to effective natural resource governance in Nigeria, also said it expects that the NOCs would succeed in maximising their potential enterprise value, as well as maximise their revenue contribution to the country.