Lagos, Aug. 20, 2023: The Nigerian Independent Petroleum Company (NIPCO) Plc has promised to deepen its investment in the country’s hydrocarbon industry in the face of the recent full deregulation of the downstream sector.
Its Managing Director, NIPCO, Mr Suresh Kumar, disclosed this at the company’s 19th Annual General Meeting in Abuja.
Kumar was quoted in a statement by Mr Taofeek Lawal, General Manager, Media Communications Department of the company, on Sunday in Lagos.
Kumar said the investment was necessary as a further attestation of the resilience of the Nigerian economy.
He assured of the company’s preparedness to utilise the deregulation of the downstream sector and measure to grow the company through the combined efforts of the human and material resources.
He said: “We have all expertise and structure in place to expand the infrastructure in Natural Gas consumption, which we foresee as the future of the energy market in Nigeria.
“We intend to consolidate our position in the industry and strive for a greater market share in the petroleum products marketing stream.
“The effective harnessing of our human capital will be pursued to give fillip to your company’s commitment to always providing top-notch customer service experience,” he explained .
Kumar said: “The company will continue to appraise its operations for more diligent service delivery to its stakeholders as part of consolidating the successes achieved in the last three years of the current executive management.
He also mentioned that the company will improve in all areas of its operations to ensure that concerted efforts are made towards achieving the vision of the promoters of the organisation.
Kumar also said the human capital element of the company would continue to drive management’s positive attention in the face of economic challenges that were fast affecting the standard of living nationwide.
“My management team, with the kind support of the Board, will continually improve the lots of the workforce which in turn, we are sure will impact favourably on productivity.
“Since 2020, upon my assumption of office with my executive management team, I have observed with delight the unwavering commitment of the workforce to sustaining the lofty heights of the company.
“We shall continue to be proactive in the face of global economic challenges to reduce the effect on the workforce.
“The harmonious relationship existing in the company has not only been exemplary but a reliable platform for team building to take the orgathsations to the next level.
“The employee’s ingenuity and stern commitment to exceptional service delivery have made your company one of the key players in the nation’s downstream sector.
“Our employees continued to see more value in rendering stellar services in line with international best practices,” he added.
He hinted that numerous initiatives to offer support in several fields eere being actualised to assist the company’s host communities, adding that the company would continue to have some form of leverage in its overall operating environment as a socially responsible organisation.
Kumar, who lamented the operating challenges in the global economic environment last year, told the shareholders that NIPCO withered the storm with a modest performance that had contributed to guaranteeing a good return on their investment.
