President of Dangote Group, Aliko Dangote and the CEO of Heirs Holdings, Tony Elumelu have both expressed confidence in NNPC Limited’s huge capacity to position itself as Africa’s biggest energy company.
The two leading industrialists disclosed this at the NNPC Upstream Investment Management Services (NUIMS) Annual Value Assurance Review (AVAR) Session in Lagos State on Wednesday.
Garba Deen Muhammad, Chief Corporate Communications Officer, NNPC Limited, made the disclosure in a statement on Wednesday.
Describing NNPC Limited’s vast potentials, Dangote said considering the massive opportunities at its disposal, the Company has what it takes to be “Africa’s Aramco”, in reference to the Saudi Arabian oil giant. “Anything is possible,” Dangote added.
On his part, Tony Elumelu extolled the remarkable growth achieved by NNPC Limited and its impact on the Nigerian Economy. He particularly lauded the NNPC Limited for delivering Heirs Holding oil and gas limited from a 97% loss of crude oil per day to a 96 % recovery in crude oil production. “I am a great Beneficiary of the New NNPC. Nigeria is a great Beneficiary of the new NNPC,” he said.
Speaking virtually at the event, the GCEO NNPC Limited, Mallam Mele Kyari highlighted issues hampering growth of the upstream sector which range from security to the reluctance of financial institutions to fund projects. “The crux of the industry is to make sure that the Upstream works. We are facing a cash crunch in the country because the Upstream has not been able to support the other sectors of the economy’.
Organised by NUIMS, NNPC Limited’s upstream subsidiary, the Annual Value Assurance Review (AVAR) Session is aimed at developing a shared understanding of the organisation’s strategy.