As he finally bows out, Ibe Kachikwu, the former Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, has scored himself high above his predecessors noting that his administration brought NNPC from loss to profit.
“Eleven months ago when Mr. President asked me to take over the mantle of leadership of GMD, there was indeed an urgency of now, morale was low, there was a lot of issues of transparency on the table, profit index was very poor,” he said.
“Looking back now, one must be very grateful to the president not just for the opportunity but for the foresight.”
Details of the achievements are as follows:
?Sanitization of the fuel supply and distribution matrix due to the introduction of the downstream liberalization regime.
?Reduced upstream contracting period to nine months from initial upwards of two years.
?Redirection of the NNPC on the path of profitability as witnessed in the May 2016 NNPC Monthly financial report which posted a profit of N274 million.
?Prompt remittance of oil proceeds to the federation accounts.
?Monthly publication of NNPC Financial reports.
?Review of old models contracts like crude SWAP which saved the Corporation a whopping $1Billion annually.
?Recently secured $80 billion MoU with Chinese investors.
It will be recalled that President Mohamadu Buhari recently replaced Kachikwu with Maikanti Baru as the NNPC GMD but however retained him as Minster of State for Petroleum Resources