The Executive Vice President, Gas, Power and New Energy at the Nigerian National Petroleum Company Limited, Mr Olalekan Ogunleye, has identified transparency, accountability, research, technology and innovation as key drivers of the ongoing transformation in the company.

 Ogunleye disclosed this while speaking during a panel session hosted by the NNPCL at the ongoing 2024 CERAWeek Conference in Houston, the United States, on Wednesday.

Speaking on the theme ‘Africa’s Energy Future: Access, Investment & Sustainability’, he said under the leadership of Mr Mele Kyari, NNPCL had institutionalised the use of modern technology to drive its operations.

According to Ogunleye, this has created tremendous value for the company in its quest to compete with its global peers.

He added that with the arrival of the Petroleum Industry Act in 2021, NNPCL had transformed into an integrated commercial entity focused on transparency and accountability.

He noted those were the two core values for the company’s quest to float an Initial Public Offer at the stock exchange.

 “Over the last five years, the NNPCL has been pushing the agenda of transparency, accountability and performance excellence. I am glad to say that we are setting very high standards, and this is a journey that we are all committed to going forward,” Ogunleye added.

He further observed that transparency could make any organisation attractive to its partners and potential investors.

He disclosed that the NNPCL was working assiduously to become IPO-ready, stressing that once that was done, the IPO would be phenomenal and successful.

Ogunleye asserted that gas would continue to be an important resource for Africa “because it is the surest tool for economic development and for delivering better living standards for the teeming population on the continent”.

He called on all gas players to sustain the advocacy for gas as a major energy source that would be utilised to develop the economic and industrial fortunes of the continent.

According to the NNPCL vice president, the firm is at the forefront of Nigeria’s gas commercialisation efforts and flare elimination.