A group under the umbrella of the “Forum of Former and Serving Lawmakers in Nigeria” has commended President Bola Tinubu for appointing Mr Mile Kyari as the chief executive officer of the Nigerian National Petroleum Company Limited.
In a letter of appreciation to the President signed by its national president, Hon. Yemi Alli, the Forum stated that the appointment “is well-deserved and indicative of the president’s ambition to bring an economic turnaround to the downstream oil sector.”
They noted that Kyari had instituted transparency and accountability in the oil and gas sector, adding that his impressive ideas and knowledge had also brought significant improvement to the sector.
According to the group, “Mr. President, many of us are pleased with this appointment because the GMD has demonstrated a commitment to drive revenue growth and fortify the resilience of the economy in the petroleum industry,” the leader said.
“Before his appointment, Nigeria fell far below its OPEC quota of crude oil production for over eight years. However, the award of the pipeline surveillance contract to Tantita Pipeline Security Outfit, owned and controlled by Tompolo, has caused over 70% of the oil criminals in the Niger Delta region to quit operations. This has increased the number of barrels produced per day (bpd), giving Nigeria a significant boost to meet her OPEC quota.
“Apart from recording profits for the company, Kyari has also led the NNPCL to resolve age-old disputes with its business partners, notably the International Oil Companies (IOCs).
“The Kyari-led NNPCL also paid Nigeria’s joint venture cash call arrears to the IOCs, totaling $5.1 billion. This was made possible through the introduction of the Alternative Funding Approach (AFA), which replaced the erstwhile cash call payment. The AFA model has allowed for the utilization of NNPCL’s funds to finance its share of joint venture operations, thereby reducing the country’s reliance on external borrowing and increasing the flow of investment into the industry.”
The group, however, reiterated its support for the president and his administration.
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