Dangote, Elumelu Expresses Confidence In NNPC Limited Huge Capacity

…I’m a beneficiary of New NNPC, Says Tony Elumelu

…As Aliko Dangote Expresses Optimism over NNPC Limited’s Future

President of the 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.

According to a press release signed by the Chief Corporate Communications Officer, NNPC Limited, Garba Deen Muhammad, said that the two leading industrialists disclosed this at the NNPC Upstream Investment Management Services (NUIMS) Annual Value Assurance Review (AVAR) Session taking place in Lagos State, earlier on Wednesday.

Describing NNPC Limited’s vast potential, Aliko Dangote said considering the massive opportunities at its disposal, the Company has what it takes to be “Africa’s Aramco”, about the Saudi Arabian oil giant. “Anything is possible,” Dangote added.

On his part, Tony Elumelu extolled the remarkable growth achieved by NNPCL and its impact on the Nigerian Economy. He particularly lauded the NNPCL 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,” Tony Elumelu 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,” Mele Kyari stated.

In his address of welcome, Wunti said NUIMS currently has over $60 billion in assets under its management which has positioned it effectively to contribute significantly to the development of the Nigerian economy.

We have assets under management that are $60 billion and out of these assets, we are expected to produce so much hydrocarbon in a very difficult environment and that hydrocarbon we will produce tends to achieve the things NNPC has set as responsibility.

“There’s no better engine of growth in any economy than its SMEs. Our SMEs today are being faced with several problems. But one problem outside physical issue is the inadequacy of energy.

“And this energy security is our responsibility and we are having various challenges and if we have $60 billion of assets under our management, and if those assets represent 75 per cent of the total assets of the country, it means 75 per cent of our inability to deliver that energy is a result of our action or inaction,” he stated.

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.