Dangote, Elumelu Express Optimism Over NNPC Limited Future


President of Dangote Group, Aliko Dangote and the Chairman of Heirs Holdings, Tony Elumelu have expressed confidence in Nigerian National Petroleum Corporration Limited, NNPCL’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 taking place in Lagos State recently.

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 NNPCLimited and its impact on the Nigerian Economy.

He particularly lauded the NNPCLimited 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 NewNNPC. 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”, said Kyari.

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.

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