NIPCO Plc, says 2022 would offer increased prospects for operators in the nation’s hydrocarbon industry on account of implementation of Petroleum Industry Act and deregulation of the downstream sector
Managing Director/Chief Executive Officer, of NIPCO Plc, Suresh Kumar, who expressed this at the the 18th Annual General Meeting of the company in Abuja ,commended the Federal Government for bringing the Act to life.
He said his company hopes to harness the business opportunities in the country and significantly expand its investment in the industry within the framework of right operating environment.
He added: “NIPCO is poised to continually take its pride of place in the context of the emerging downstream sector under the PIA. Your company will continue to be transparent, diligent, socially responsible and operate within the ambit of good corporate governance in the best interest of stakeholders. Also, we intend to consolidate the gains of the past years and take full advantage of the great potentials of the industry to propel your company for higher growth”
He said the National Gas Expansion Programme (NGEP) is making giant strides to improve local supplies and save the nation considerably some ancillary cost in cooking gas import cost.
According to him, the NGEP initiative and the declaration of the Decade of Gas hopefully could take the nation’s efforts in the gas realm to the next level.
He said the feat, if fully actualized will make the sector more attractive for investors in the overall interest of all stakeholder’s
He added: “Another giant effort of the Federal Government in the year under review is the promise of procuring 10million gas cylinders for marketers for onward distribution to end users. This, no doubt, will boost LPG utilization as cost of cylinders account for over 80% of accessories needed to use gas as domestic cooking fuel. Stakeholders are upbeat on this promise, hoping that if only government can walks the talk”
He spoke on NIPCO’s human capital development, saying employees have since the inception of the company in 2004 been the pillar upon which the continuous growth of the organization has rested upon.
He said the company’s employees are working towards ensuring that the company not only sustain her present level but also aim at higher productivity by way of creating higher value for shareholders.
He added: “Exhilarated by the unwavering commitment and resilience of the workforce over the years, management has made it a standing policy to continuously grant career elevation to encourage them to work harder.
“Appreciation of the workforce through a well thought out career growth would remain a cardinal objective of my management team in response to their diligence and utmost services to the organization. The higher level of resilience exhibited by the workforce among its peers further brought to bear management proactivity in administering your company in the challenging business environment that persisted in 2021″
He reiterated his company’s drive to impact on its host communities, adding that it was willing to add more value through sustained education and empowerment of the citizenry.
He said:” The effective utilization, by beneficiaries of our computer laboratory project in which we offered several computers and printers to boost computer literacy in primary schools in Apapa Local Government Area, Lagos State, is a source of our motivation for us to do more. We hope that we continue this trajectory of corporate social investment to impact more on the lives of the populace as a cardinal initiative of the company”.
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