The Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, says the corporation saved more than three billion dollars from arbitrations.
The NNPC MD made this known in a statement signed by Mr Samson Makoji, the acting spokesman for the corporation in Abuja on Tuesday, November 5.
Kyari spoke during a Town Hall meeting that also involved the participation of the corporation’s outstation members of staff.
He commended the management of the corporation’s Legal Division for the savings; saying due diligence accounted for the feat.
Kyari urged the corporation’s workforce to redouble their efforts to ensure that the nation reaped bountifully from its vast hydrocarbon resources which the National Oil Company had the mandate to superintend.
He added that it was imperative for the corporation to increase its level of efficiency; reduce cost; and increase revenue across the value chain of its businesses within the shortest possible period.
The GMD seized the opportunity to update members of staff on the recent NNPC Top management retreat which prescribed a five-step approach for the corporation to attain global excellence via the Transparency, Accountability and Performance Excellence (TAPE) agenda.
He listed the steps to include well-defined processes benchmark to World-class Oil and Gas company requirements; Right cost structure that guarantees value realisation as well as profitability.
Others are goals; priorities and performance guarantee; suitable governance structure for strategic business units; as well as entrenching teamwork and collaboration with all key stakeholders.
The NNPC GMD noted that some remarkable successes had been recorded within the short period of his tenure.
He listed some of the achievements to include the attainment of over two billion litres of Premium Motor Spirit reserve; as well as completion of Phase1 of Port Harcourt Refinery Rehabilitation.