Musa Kida, the new non-executive Chairman of the Nigeria National Petroleum Corporation Limited, has called on Nigerians to be patient as the board works to reform the oil sector.

After their inauguration by President Bola Tinubu, Kida described the task as “a huge assignment” but assured that the board is committed to fixing the sector.

“Our task is huge. But we are deeply honoured to be part of the very select few, called upon by the President to reform the oil sector. “One thing we can assure you is that we will always tell Nigerians the truth, irrespective of how bitter it will be,” he said.

Kida assured that the oil industry will now operate solely as a limited liability company.

He noted that with the Petroleum Industry Act becoming law, NNPCL was transformed into a limited liability company.

He pledged that the board will implement best practices and work diligently to achieve the President’s goals on production, refineries, attracting foreign direct investment, and corporate governance.

“We are always going to tell the nation the truth, no matter how bitter it is. We will work on our talk with Personal integrity and openness,” he added

On plans to list the oil company on the Nigerian Stock Exchange, Kida said this will only happen after a thorough assessment of the oil sector has been completed.

“Before anybody invests in any business, they must look at what the company represents, how it is managed, the governance structure and the reporting mechanisms.

“We are fully prepared to launch the company’s IPO, but we must be fully prepared and we want Nigerians on the streets to look at the NNPCL as their own,” he explained.

President Bola Tinubu on Thursday inaugurated the Board of the Nigeria National Petroleum Corporation Limited, appointing Musa Kida as non-executive Chairman and Bayo Ojulari as Group Chief Executive Officer.

The inauguration of the 11-member board took place before President Tinubu’s meeting with the All Progressives Congress at the Presidential Villa, Abuja.

The board comprises regional representatives, including Adedapo Segun and Bello Rabiu (North West), Yusuf Usman (North East), Babs Omotowa, a former managing director of Nigeria Liquefied Natural Gas (North Central), Austin Avuru (South-South), David Ige (South-West), and Henry Obih (South-East).

Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Federal Ministry of Finance, and Aminu Ahmed, representing the Ministry of Petroleum Resources, also join the board.