Sejebor: NAPIMS saved FG $5bn

Group General Manager, NAPIMS, Dafe Sejebor

The Group General Manager of National Petroleum Investment Management Services (NAPIMS),  Dafe Sejebor, said his organisation had saved the country between $3bn and $5bn.

Sejebor said this at a news briefing immediately after inaugurating a seven-member anti-corruption committee at the NAPIMS headquarters on Wednesday in Lagos.

He said that NAPIMS had recorded a number of achievements since he assumed duty in the organisation two years ago.

“Our achievements are simple. It’s a huge estimate. We were able to bring down the cost of production from $78 per barrel to $23 per barrel and we are charged to further drop it to 17 dollars per barrel for 2018.

“We’ve been able to save about $3bn to $5bn since we came in,” he said.

Sejebor said another achievement was that international partners, who were reluctant to invest in the upstream oil and gas, had agreed to a payoff deal that would not tamper with the nation’s income.

“The implication of them not investing is that production continues to drop and facilities decay. That was scary because if you allow that to continue, operations could die in five years.

“We sat down with them and they said we owed in cash call arrears and then we negotiated a way to pay back without tampering with the cash flow coming into the federation account to forestall drop in revenue.

“Also, we turned around our contracting circle from between two and three years to six months,’’ the Group General Manager said.

Commenting on how he had curtailed corruption, Sejebor said the Nigeria National Petroleum Corporation (NNPC) had policy guidelines, procedures and processes on how to discipline erring staff.

“Such erring staff will be referred to a disciplinary committee. If found wanting, we have our various penalties.

“If it is a financial crime it goes to EFCC, but if it’s a corruption against NNPC itself, it goes to ICPC,” he said.

He said that as at 2015, there were five years accounts that were not prepared and normal governance meetings did not hold.

“But we have been able to clear the backlog. 2016 accounts would be ready by December.

“NAPIMS was able to achieve all these in a short period because all we did was to change our attitude towards work and in the way we carry out operations.

“We worked tirelessly round the clock to clear all backlog of legacy contracts in order to close our books and balance our accounts to show that NNPC has nothing to hide,” he said.

Sejebor urged the media to always double-check negative reports before going to press.