12 December 2o16, Abuja – The federal government has proposed in the Petroleum Industry Governance Bill (PIGB) which is currently before the Senate for legislative consideration that a tenured term of office be established and legalised in the bill for the Chief Executive Officer (CEO) of the National Oil Company (NOC) that is intended to emerge from the process to replace the Nigerian National Petroleum Corporation (NNPC).
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu in his address at the public debate on the PIGB in Abuja, disclosed this. The PIGB is a private member bill sponsored by Senator Tayo Alasoadura who represents Ondo Central in the Senate.
Kachikwu also said the government would want the office of the CEO of the NOC to be saddled with established annual Key Performance Indicators (KPIs) upon which the performance of its occupants would be evaluated for either a sack or continuation on the job.
He noted that since the NOC would be established as a holding company for an integrated operation that would be commercialised, it must therefore be insulated from political interferences and all its governance structures clearly stated to allow it begin to apply the corporate governance ethics of companies listed in the stock market even before its eventual listing in the exchange.
“With respect to government’s role on the commercial side, the reforms that we commenced earlier on in the year need to be sustained through legislation. The critical issues here are governance, funding, efficiency and accountability of the commercial entities,” said Kachikwu.
- This Day