admin The presidential mandate given to the NNPCL Board is attainable, according to Professor Emeritus of Petroleum Economics, Omowumi Iledare. 
Omowumi Iledare, Professor Emeritus of Petroleum Economics and Policy Research at Louisiana State University’s Centre for Energy Studies and Executive Director of the Emmanuel Egbogah Foundation, expressed optimism about the presidential mandate given to the new NNPCL board. He believes the mandate is achievable if the government allows the board members autonomy and they fulfil their responsibilities effectively. Professor Iledare shared these insights during an exclusive interview with Crude Reports magazine in Abuja.
The mandate includes enhancing operational efficiency, restoring investor confidence, boosting local content to drive economic growth, advancing gas commercialization and diversification, as well as conducting a strategic portfolio assets review of NNPC-operated joint ventures. According to Professor Iledare, achieving these goals requires the NNPC to run independently, with the president granting the board the authority conferred by the Petroleum Industry Act (PIA).
To improve operational efficiency, Professor Iledare recommended that the board ensure cost-effectiveness and rationalization of the workforce without any geopolitical profiling. About investor confidence, he emphasized the importance of the rule of law and its consistent application across all operators in the oil and gas industry. The government must prove exemplary adherence to legal standards to reassure investors who are concerned about policy perception indices.
On boosting local content and driving economic growth, The Executive Director of the Emmanuel Egbogah Foundation noted that while the establishment of the National Content Management and Development Board (NCMDB) was a positive development, the board has not met expectations. He criticized the board for being personalized rather than institutionalized and called for it to focus on checking regulations and supporting local investor participation in the Nigerian oil and gas industry.
Addressing Nigeria’s challenges in gas development, Professor Iledare lamented the missed opportunities due to inadequate infrastructure and neglect over the years. He highlighted the need for the NNPC to boost gas production and local consumption, focusing on industrialization, power generation, and export as outlined in the gas policy document.
Professor Iledare emphasized the importance of thinking beyond immediate prosperity to ensure long-term success. He questioned how a country with an estimated six hundred trillion cubic feet of gas reserves can still be poor in energy supply. He provided suggestions for the NNPCL board to help achieve the presidential mandate, including avoiding functioning merely as a “cash cow” for the government, fostering open discussions with mutual respect among board members, and operating as a commercial institution as stipulated by the PIA act. He also recommended the appointment of a technical board to serve as a check and balance over all participants in the industry, including the NNPCL.
In conclusion, Professor Iledare urged the NNPCL board to think like leading international and indigenous oil and gas companies, expressing confidence that by following these suggestions, the board will meet and exceed the presidential mandate. On April 2nd this year, President Bola Tinubu discharged the old board led by Chief Pius Akinyelure and appointed a new board with Engineer Ahmadu Musa Kida as Chairman while Engineer Bayo Bashir Ojulari becomes the Group Chief Executive Officer (GCEO) of the new NNPCL.
Report by Tunde Olaore
