·Says subsidy is a thing of the past ·Insists profitability is unshaken
In this chance session with Peter Uzoho, the Chief Corporate Communications Officer of the Nigeria National Petroleum Corporation Limited, he discusses the ongoing recruitment exercise of the outfit and other issues of profitability and energy sustenance
Some people still see NNPCL as NNPC of old. What has changed?
A lot has changed. First, we are now a public limited liability company, a true commercial entity governed by the Company and Allied Matters Act (CAMA) and the provisions of the Petroleum Industry Act (PIA) 2021. Unlike before, we are now obligated to source funds globally to conduct our business and run our operations efficiently.
Second, we have significantly expanded our business, with profitability at the core of this growth. We no longer engage in any business or operation that does not yield profit. From the Group CEO to the newest employee, everyone is committed to delivering value to over 200 million Nigerians.
Third, we have restructured our operations to align with current global realities and the evolving energy market dynamics. Our motto, "providing energy for today, tomorrow, and the future," reflects our focus on the future. We are making deliberate investments in gas and power.
We are transforming from a traditional oil and gas company into an integrated energy company with interests in power generation and transmission. Across Nigeria, we are building critical gas infrastructure projects that will enhance power generation, revitalise industries, generate significant revenue for the nation, create millions of jobs for our youth, and drive economic revival. Our recent investments in compressed natural gas (CNG), a cheap and cleaner alternative energy source, demonstrate our commitment to innovation in the energy sector. For example, car owners who have converted to CNG can drive from Lagos to Ijebu Ode and back on just N8,000.
President Bola Tinubu's Executive Order has also set the sector on a progressive path. We are continuously investing in innovations to power Nigeria's energy sector and drive growth.
Before we go further, please clarify this: Is there truly a recruitment exercise going on at NNPCL?
Yes, we have just announced the commencement of our 2024 recruitment exercise. We are seeking talented individuals across various fields to join our dynamic team.
Expatiate on the ongoing exercise because its believability quotient is low among Nigerians?
One thing I can tell you is that the interest in our recruitment process is overwhelming. For a long time, we have been a highly sought-after organisation. The credibility of our recruitment is evident by the sheer volume of traffic that caused our official website to crash shortly after the process began. We received millions of applications within hours, an unprecedented response. This level of interest reflects the belief that applicants have in their opportunity to join Africa's largest energy company.
But you know, and I know that recruitment into a place like NNPCL would be very competitive, not necessarily because of intellect on display but because of the strength of godfatherism
Godfatherism has no place in NNPCL recruitment. Since 2000, when we began significant intake of graduate trainees, our guiding principle has always been merit. The records are available for anyone to verify. NNPCL is virtually the only government agency where children of the less privileged have a fair chance of being hired, irrespective of tribe, faith, or gender. There are thousands of testimonials on social media from individuals who joined NNPCL solely by meeting our criteria.
The 2019 recruitment was highly transparent. While I understand the concerns of some Nigerians, I assure you that our recruitment exercise is based purely on merit. Under the leadership of GCEO Mele Kyari, all hiring methods, screening processes, tests, and interviews adhere to world-class practices, ensuring merit and transparency.
We are also an inclusive organisation, employing people with disabilities. We even arrange flights, transportation, and logistics for them to ensure their participation in the process. Once you meet the requirements, you have a chance. There is no need to worry about connections influencing your application. Successful candidates who went through the process without knowing anyone are sharing their stories on social media. While some unsuccessful applicants may try to discourage others from applying, we remain committed to a fair and transparent recruitment process.
Talking about the difference between the old corporation and the new limited entity, what's the structure. Some Nigerians still think the NNPCL structure is opaque, and former Vice President, Atiku Abubakar alluded to this sometime ago
The notion that NNPC Ltd is an opaque company is false. Those promoting this narrative often have selfish, political, or other ulterior motives. People are entitled to their own opinions, but such opinions do not hold any weight.
What opacity exists in a company that consistently keeps its shareholders, particularly millions of Nigerians, informed about its operations? Where is the lack of transparency in a company that regularly publishes its Audited Financial Statements for scrutiny?
Under the leadership of Mallam Mele Kyari, NNPC Ltd has embraced the principles of transparency, accountability, and performance excellence (TAPE) in all its business dealings with stakeholders. It is well-documented that on the sidelines of last year's United Nations General Assembly (UNGA), we became a global Extractive Industries Transparency Initiative (EITI) supporting company, further reinforcing our commitment to transparency and accountability.
Becoming an EITI partner company means that we have joined a group of over 65 extractive companies, state-owned enterprises (SOEs), commodity traders, financial institutions, and industry partners who are committed to adhering to the EITI's standards of transparency and accountability. This commitment underscores our dedication to openness in all aspects of our operations.
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How profitable is NNPCL? It is believed that subsidy is still being paid.
NNPC Ltd is a profitable company with the potential to compete with its peers. Since Mallam Mele Kyari took the helm, he has positioned the company on a path of growth and profitability. For the first time in 43 years, NNPC declared a profit. From a loss of N803 billion in 2018, we reduced the loss to N1.7 billion in 2019. In 2020, we posted our first-ever profit of N287 billion, marking a significant turning point.
We have not relented, continuing this positive trend by recording a N674.1 billion profit in 2021. By the end of 2022, our profit grew to an unprecedented N2.548 trillion, the highest financial performance in our 46-year history. This performance over the past five years clearly shows that NNPC Ltd is on the right track and can generate substantial returns for its shareholders.
The GCEO often states that we are a $60 billion company. With the Petroleum Industry Act (PIA) empowering us to pursue more viable and sustainable investments, our profit margins are set to rise in the coming years. We have also made it clear that subsidies are a thing of the past. No more subsidy.
