The Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd, Mallam Mele Kyari, has bagged the Daily Asset Newspapers ‘Man of the Year’ Award for his transparency and accountability that has restored the confidence of local and foreign investors in the country’s oil and gas sector.
Kyari was presented the awards on Thursday in Abuja at the 7th Annual Awards and Lecture of Daily Assets which is published by Daily Asset Newspapers Ltd.
“Kyari’s towering achievements notwithstanding, he maintains a modest profile as he focuses daily on strategies to upscale his achievements are indeed legendary and given his track record, it can be said that the oil and gas sector is in safe hands.
“For his transformative leadership style, innovative policies and enthronement of transparency and accountability, which has led to unrivalled growth and landslide accomplishments in the oil and gas sector, Engr Mele Kyari is DAILY ASSET Man of the Year,” the Publisher/ Editor-in-Chief, Daily Asset, Dr Cletus Akwaya said.
In his acceptance speech, Kyari represented by the Head of Business Ethics Department, NNPCL, Murjanatu Gamawa, said he is deeply honoured to be selected for the prestigious award by Daily Asset.
The GCEO who is keen on fighting energy poverty in Nigeria through giant steps in revamping moribund refineries and attracting investments in the oil and gas sector said the award reflects the dedication of the entire NNPCL team.
Kyari said, “This award is not solely a reflection of my individual effort, but also a testament to the dedications and hardworking of every member of the NNPC Limited and our stakeholder community.
“Together, we have strived to make a better impact and ensure energy security for our nation and I’m proud to be part of this collective effort. As we move together, let us continue to join hands towards a better future for our nation.”
The GCEO reformed the NNPCL formerly Nigerian National Petroleum Corporation into a transparent company which plans to list on the stock market.
The organisers said Kyari came to his job well-prepared for the crucial assignment of administering the “proverbial goose that lays the nation’s golden eggs.”
When Kyari assumed office on July 7, 2019, as the Group Managing Director of the now-defunct Nigerian National Petroleum Corporation (NNPC), the corporation was in a near comatose state.
The corporation was engrossed in challenges ranging from grievous oil pipeline vandalism, corruption, incessant oil thefts, low production levels, lack of transparency, and huge operational losses.
In 2010 a joint report by Transparency International and Revenue Watch Institute said the NNPC had the poorest transparency record out of 44 national and international energy companies examined.
Delighted with Kyari’s landmark achievements, the organisers said, Kyari showed leadership when he launched an ambitious initiative to revolutionise the production of oil and sell Nigeria’s image to the international community.
Daily Assets said the “Innovations brought by Kyari include the establishment of a new trading subsidiary, the creation of a new crude oil marketing division, and implementing a new performance management system.
“His commitment to transparency and accountability stands him out among his peers as the NNPCL under Kyari’s watch publishes its financial transactions on a regular basis. In addition, Kyari has overseen the implementation of a number of innovative initiatives designed to maximize the efficiency and effectiveness of the NNPC’s operations.
“The NNPC was famously known to be long on empty talk and short on transparency. Not anymore. Under the leadership ‘of Mele Kyari, the company has taken significant steps towards enhancing accountability in the industry, by publishing monthly financial and operational reports with detailed figures on the company’s revenue, expenditure and production level.
“This level of transparency was hitherto unknown in the operations of the oil company. The culture of full disclosure and openness enthroned by Kyari may perhaps become one of the worthy legacies he would bequeath to the oil sector generally and NNPCL in particular.”
Daily Assets said another bold step taken by Kyari in his stewardship at NNPCL is the launch of the Nigerian Petroleum Exchange (NPEX), an initiative which anchors the trading of Nigeria’s crude oil and other petroleum products.
“It is on record that Kyari was among the leading figures who worked tirelessly to ensure the passage of Petroleum Industry Bill (PIB), which was signed into law by President Muhammadu Buhari in August 2021,” the organisers said.
The PIA enabled the NNPCL to operate like every private company in Nigeria with exemption from the Fiscal Responsibility Act, Public Procurement Act and TSA to ensure there are no excuses for failure.
Following this milestone, Kyari initiated new investment benchmarks to further rejuvenate the once-ineffective company.
Under Kyari, the NNPCL became the biggest downstream company in Africa.
As Nigeria launched its decade of gas initiative as a mode of energy transition, Kyari led the NNPCL to achieve a $300m reduction in the cost of the AKK Gas Pipeline contract via contract renegotiation from the initial $2.8bn.
The AKK Gas Pipeline is an integral part of the Trans-Nigeria Gas Pipeline (TNGP) with a capacity to transport about 2.2 billion cubic feet of gas per day. The contract was renegotiated from the initial $2.8bn to $2.5bn, achieving cost savings of $300m in favour of the Nigerian government. Construction work on the project was flagged off in June 2020.
In December 2019, Kyari achieved the closeout of the Final Investment Decision of the multi-billion-dollar NLNG Train 7 Project that has been on the drawing board for over a decade. This was at a time that the Covid-19 was taking its toll on the global economy.
The GCEO also led the signing of a $260m Financing Agreement for the Assa-North Ohaji South (ANOH) Gas Project with Seplat to deliver 300 million standard cubic feet of gas per day and 1,200 megawatts of electricity to the domestic market.
NNPCL GCEO, Kyari Bags Daily Assets Newspapers Man Of Year Award For Restoring Investors’ Confidence In Oil And Gas Sector is first published on The Whistler Newspaper
