The Nigerian National Petroleum Corporation (NNPC) is a state-owned oil and gas company that is responsible for managing Nigeria’s petroleum resources. The NNPC plays a vital role in the Nigerian economy, accounting for a significant portion of the country’s revenue. The CFO of the NNPC is a key position within the company, and the person responsible for overseeing the financial management of the NNPC.
Current CFO of NNPC
Umar Ajiya is the current Chief Financial Officer (CFO) of NNPC Limited. He was appointed to the position in September 2021, following the passage of the Petroleum Industry Act (PIA), which transformed the NNPC into a commercially driven National Energy Company.
Ajiya has over 30 years of experience in the oil and gas sector, having held various senior positions at the NNPC, including Group Executive Director (GED) Finance and Accounts, and Managing Director of the Pipelines and Products Marketing Company (PPMC). He is a Chartered Accountant and holds a B.Sc Accounting from Ahmadu Bello University Zaria, Nigeria, and an MBA from the Lagos State University, Nigeria.
Ajiya’s accomplishments as CFO of NNPC
Since his appointment as CFO of NNPC Limited, Ajiya has led a number of initiatives to improve the financial performance of the company. These include:
- Improving financial transparency and accountability: Ajiya has implemented a number of measures to improve the financial transparency and accountability of NNPC Limited, including the publication of quarterly and annual financial statements.
- Reducing costs: Ajiya has also led a number of initiatives to reduce costs at NNPC Limited, including streamlining operations and renegotiating contracts.
- Improving profitability: As a result of these initiatives, NNPC Limited has recorded significant improvements in its profitability in recent years.
Ajiya’s role in the implementation of the PIA
Ajiya also played a key role in the implementation of the PIA, which was a major reform of the Nigerian oil and gas sector. The PIA introduced a number of new provisions, including the commercialization of the NNPC. Ajiya was responsible for developing and implementing the financial plan for the transition of the NNPC to a commercial entity.
The CFO of NNPC is a critical position within the company, and the person responsible for overseeing the financial management of the NNPC. Umar Ajiya is the current CFO of NNPC Limited, and he has a strong track record of success in the oil and gas sector. Ajiya is leading a number of initiatives to improve the financial performance of NNPC Limited and to implement the PIA.
What is the role of the CFO of NNPC?
The CFO of NNPC is responsible for overseeing the financial management of the NNPC. This includes tasks such as budgeting, forecasting, financial reporting, and risk management.
What are the qualifications for the CFO of NNPC?
The CFO of NNPC must be a qualified accountant with a strong understanding of the oil and gas sector. The ideal candidate will also have experience in financial management and leadership.
How is the CFO of NNPC appointed?
The CFO of NNPC is appointed by the President of Nigeria. The President typically appoints the CFO based on the recommendation of the NNPC Board of Directors.
What are the challenges facing the CFO of NNPC?
The CFO of NNPC faces a number of challenges, including:
- Managing the NNPC’s complex finances: The NNPC is a large and complex organization with a wide range of financial activities. The CFO must be able to effectively manage these activities in order to ensure the financial health of the company.
- Balancing the NNPC’s commercial and social objectives: The NNPC is a commercial entity, but it also has a number of social objectives, such as providing affordable energy to Nigerians. The CFO must be able to balance these competing objectives in order to ensure the long-term success of the company.
- Operating in a challenging environment: The Nigerian oil and gas sector is subject to a number of challenges, such as price volatility and corruption. The CFO must be able to navigate these challenges in order to protect the financial interests of the NNPC.