Mr. President Nice Job On NNPC Limited Now NNPC PLC

By Ndubuisi Ekekwe, PhD, Chairman of FASMICRO Group, is the Lead Faculty in Tekedia Mini-MBA. He writes regularly in the Harvard Business Review. Email: tekedia@fasmicro.com.

Let me commend President Buhari for getting the job done on NNPC. Yes, Nigerian National Petroleum Corporation (NNPC) is now a commercial venture – a limited liability company, limited by shares – and not just an amorphous gigantic conglomerate. Welcome NNPC Limited.

Yet, there is really nothing to write since changing name, corporate formation, etc, will not change some of the underperforming elements. We still have to improve productivity and deepen innovation in the nation’s top foreign exchange earner.  

Those changes must be done for us to unlock the latent opportunities within that company.

I did three internships in NNPC and enjoyed the benefits of learning under some of the finest engineers in our nation. The first time I touched a computer was in NNPC – NGC, Moscow Rd in PHC – and the first time I changed an instrumentation and control knob was in Owasa Gas flow station.

As I wrote in 2017 when I posited that Nigeria should go all the way with NNPC Plc, I want Mr. President to take this to the Nigerian Stock Exchange. Of course, I did note the challenges that would bring, but we have to go all the way: “Nigerian can get a valuation of $300 billion for NNPC Plc”.

Meanwhile, a comment from a individual stated:

“Hope this change in nomenclature will have any positive impact on the common man? We will allow them to work first, before congratulating them.

We changed NEPA to PHCN, it didn’t click, and we unbundled to DISCOs and GENCOs and the one in between, they are largely private but our energy fortunes are yet to improve.

What will turning NNPC into a liability company bring to ordinary Nigerians, or just adding extra zeroes to the pockets of those who can buy and sell shares? There is still great silence on the productivity front, until then.”

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