NNPC Limited Sustainability Update Quiz
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Questions and Answers

Who chaired the new board of NNPC Limited inaugurated on December 18, 2023?

  • Hibo, the host of Energy and You
  • NNPC Limited's CEO
  • President Bola Tinubu
  • Chief Pascal Dozie (correct)

    • How many illegal refineries were discovered and destroyed in several states?

  • 42 (correct)
  • 112
  • 14
  • 18

    • What is the percentage of global supply represented by OPEC Plus' current output cut?

  • 12%
  • 4%
  • 10%
  • 6% (correct)

    • During what time period were 112 incidents of crude oil theft and pipeline vandalism recorded?

    <p>December 23-29, 2023</p> Signup and view all the answers

    How many cases of vandalism were uncovered in various parts of the Delta and Abia states?

    <p>10</p> Signup and view all the answers

    What is the forecasted average price of Brent crude in 2024 according to a Reuters survey?

    <p>$82.56 a barrel</p> Signup and view all the answers

    Who hosts the first episode of Energy and You for the year 2023?

    <p>Hibo</p> Signup and view all the answers

    How many vehicle arrests were recorded for crude oil theft and suspicious activities?

    <p>11</p> Signup and view all the answers

    What was the main focus of the sustainability workshop held by NNPC Limited in Abuja?

    <p>Environmental impact and stakeholder engagement</p> Signup and view all the answers

    Who emphasized the importance of sustainability for NNPC's long-term success and the need for transparency and disclosure?

    <p>Mr. Chinedu Igu</p> Signup and view all the answers

    What was the purpose of the newly commissioned 260-seat building at the University of Nigeria, Ijeaka?

    <p>To provide adequate space for lectures, seminars, workshops, and conferences</p> Signup and view all the answers

    Who received the outstanding leadership award in the oil and gas industry at the 2023 annual lecture and dinner of the Nigerian Institute of Management NNPC chapter?

    <p>Mr. Mel Kari</p> Signup and view all the answers

    What is NNPC Limited’s top priority according to the text?

    <p>Energy security and increasing production levels</p> Signup and view all the answers

    What did NNPC Limited establish a framework for during the workshop?

    <p>Monitoring and reporting sustainability issues</p> Signup and view all the answers

    What does NNPC Limited aim to positively impact according to the text?

    <p>Community welfare</p> Signup and view all the answers

    'Nim NPC' is mentioned in the text as a platform for what purpose?

    <p>To learn, network, and gather skills crucial to professional development</p> Signup and view all the answers

    What was discussed as one of the sustainability challenges during the workshop held by NNPC Limited?

    <p>Emissions reduction.</p> Signup and view all the answers

    Who highlighted the importance of sustainability in NNPC's corporate strategy?

    <p>Mrs. Benedicta Mumu.</p> Signup and view all the answers

    What did NNPC Limited commission for the University of Nigeria, Ijeaka?

    <p>A new 260-seat building.</p> Signup and view all the answers

    What is the focus of NNPC Limited's commitment to sustainable development?

    <p>Social welfare, education, and environmental stewardship</p> Signup and view all the answers

    What was the main purpose of the 3-day workshop held by NNPC Limited in Abuja?

    <p>To discuss sustainability challenges and share best practices in the oil and gas sector</p> Signup and view all the answers

    Who received the outstanding leadership award in the oil and gas industry at the 2023 annual lecture and dinner of the Nigerian Institute of Management NNPC chapter?

    <p>Mr. Mel Kari</p> Signup and view all the answers

    What was emphasized as a top priority for NNPC Limited according to the text?

    <p>Building robust policies and promoting transparency</p> Signup and view all the answers

    'Nim NPC' is mentioned in the text as a platform for what purpose?

    <p>Learning, networking, and professional development</p> Signup and view all the answers

    Who highlighted the importance of sustainability in NNPC's corporate strategy?

    <p>Mrs. Benedicta Mumu</p> Signup and view all the answers

    What is NNPC Limited's goal according to the text?

    <p>To positively impact communities with a focus on social welfare</p> Signup and view all the answers

    What did Mr. Chinedu Igu emphasize during the workshop held by NNPC Limited?

    <p>The need for transparency and disclosure</p> Signup and view all the answers

    What is the average forecasted price of Brent crude in 2024 according to a Reuters survey?

    <p>$82.56 a barrel</p> Signup and view all the answers

    How many incidents of crude oil theft and pipeline vandalism were recorded between December 23 and 29, 2023?

    <p>112 incidents</p> Signup and view all the answers

    How many illegal refineries were discovered and destroyed in several states, including Bayelsa, IMO, Delta, and Abia?

    <p>42 illegal refineries</p> Signup and view all the answers

    How many vehicle arrests were recorded for crude oil theft and suspicious activities?

    <p>11 vehicle arrests</p> Signup and view all the answers

    What percentage of global supply is represented by OPEC Plus' current output cut?

    <p>6%</p> Signup and view all the answers

    Who inaugurated the new board of NNPC Limited on December 18, 2023?

    <p>President Bola Tinubu</p> Signup and view all the answers

    How many vessel AIS infringements were recorded according to the text?

    <p>8 vessel AIS infringements</p> Signup and view all the answers

    Who chairs the new board of NNPC Limited?

    <p>Chief Pascal Dozie</p> Signup and view all the answers

    How many cases of vandalism were uncovered in various parts of the Delta and Abia states according to the text?

    <p>10 cases of vandalism</p> Signup and view all the answers

    Who was the host for the first episode of Energy and You for the year 2023?

    <p>Hibo</p> Signup and view all the answers

    How many suspects were arrested for crude oil theft and suspicious activities?

    <p>18 suspects</p> Signup and view all the answers

    Who emphasized the importance of sustainability in NNPC's corporate strategy?

    <p>Chief Pascal Dozie</p> Signup and view all the answers

    What is the forecasted average price of Brent crude in 2024 according to a Reuters survey?

    <p>$82.56</p> Signup and view all the answers

    Who chairs the new board of NNPC Limited?

    <p>Chief Pascal Dozie</p> Signup and view all the answers

    How many illegal refineries were discovered and destroyed in several states, including Bayelsa, IMO, Delta, and Abia?

    <p>42</p> Signup and view all the answers

    What is NNPC Limited’s top priority according to the text?

    <p>War on crude oil theft and pipeline vandalism</p> Signup and view all the answers

    How many vehicle arrests were recorded for crude oil theft and suspicious activities?

    <p>11</p> Signup and view all the answers

    Who inaugurated the new board of NNPC Limited on December 18, 2023?

    <p>President Bola Tinubu</p> Signup and view all the answers

    What is the percentage of global supply represented by OPEC Plus' current output cut?

    <p>6%</p> Signup and view all the answers

    'Nim NPC' is mentioned in the text as a platform for what purpose?

    <p>'Nim NPC' is mentioned as a platform for encouraging the public to report illegal activities.</p> Signup and view all the answers

    How many vessel AIS infringements were recorded according to the text?

    <p>8</p> Signup and view all the answers

    What did NNPC Limited establish a framework for during the workshop?

    <p>Deepening sustainability practices</p> Signup and view all the answers

    What is the focus of NNPC Limited's commitment to sustainable development?

    <p>Deepening sustainability practices</p> Signup and view all the answers

    What was the main focus of the workshop held by NNPC Limited in Abuja?

    <p>Corporate social responsibility</p> Signup and view all the answers

    Who emphasized the importance of sustainability for NNPC's long-term success and the need for transparency and disclosure?

    <p>Mr. Chinedu Igu</p> Signup and view all the answers

    What did NNPC Limited commission for the University of Nigeria, Ijeaka?

    <p>260-seat building</p> Signup and view all the answers

    What is NNPC Limited's goal according to the text?

    <p>Positively impacting communities</p> Signup and view all the answers

    What does NNPC Limited aim to positively impact according to the text?

    <p>Environmental stewardship</p> Signup and view all the answers

    What was emphasized as a top priority for NNPC Limited according to the text?

    <p>Energy security</p> Signup and view all the answers

    'Nim NPC' is a platform for members to learn, network, and gather skills crucial to their professional development. What does 'Nim NPC' stand for?

    <p>Nigerian Institute of Management NNPC chapter</p> Signup and view all the answers

    Who received the outstanding leadership award in the oil and gas industry at the 2023 annual lecture and dinner of the Nigerian Institute of Management NNPC chapter?

    <p>Mr. Mel Kari</p> Signup and view all the answers

    'Nim NPC' is mentioned in the text as a platform for what purpose?

    <p>Learning and networking</p> Signup and view all the answers

    'Nim NPC' is a platform for members to learn, network, and gather skills crucial to their professional development. What does 'Nim NPC' stand for?

    <p>Nigerian Institute of Management NNPC chapter</p> Signup and view all the answers

    What did Mr. Chinedu Igu emphasize during the workshop held by NNPC Limited?

    <p>The significance of transparency and disclosure for long-term success.</p> Signup and view all the answers

    How many suspects were arrested for crude oil theft and suspicious activities?

    <p>20</p> Signup and view all the answers

    Who has the authority for the prosecution, defence, arbitration or settlement of material litigation according to the NNPC Limited Delegation of Authority Framework?

    <p>Board of NNPC Limited</p> Signup and view all the answers

    Who is responsible for significant staff rationalization including severance payment according to the NNPC Limited Delegation of Authority Framework?

    <p>NNPC Limited Subsidiary CEO</p> Signup and view all the answers

    Who has the authority for changes to the capital structure including issuing new capital, share issue, share allotment, etc. according to the NNPC Limited Delegation of Authority Framework?

    <p>Board of Shareholders</p> Signup and view all the answers

    Who is responsible for the audited interim financial statements according to the NNPC Limited Delegation of Authority Framework?

    <p>NNPC Limited Subsidiary CEO</p> Signup and view all the answers

    Who has the authority for dividend payout according to the NNPC Limited Delegation of Authority Framework?

    <p>Board Shareholders</p> Signup and view all the answers

    Who is responsible for treasury policies according to the NNPC Limited Delegation of Authority Framework?

    <p>NNPC Limited Subsidiary CEO</p> Signup and view all the answers

    What does the abbreviation 'BSC' stand for in the context of NNPC Limited?

    <p>Board Sustainability Committee</p> Signup and view all the answers

    What does the abbreviation 'MD' refer to in the context of NNPC Limited?

    <p>Managing Director</p> Signup and view all the answers

    What does 'GRC' stand for in the context of NNPC Limited?

    <p>Governance, Risk, &amp; Compliance</p> Signup and view all the answers

    In the context of NNPC Limited, what does 'PIA' stand for?

    <p>Petroleum Industry Act 2021</p> Signup and view all the answers

    What is the meaning of 'NCCG' within the context of NNPC Limited?

    <p>Nigerian Code of Corporate Governance 2018</p> Signup and view all the answers

    What is the significance of 'DOA' in the context of NNPC Limited?

    <p>Delegation of Authority</p> Signup and view all the answers

    What is one of the matters reserved for the Board in NNPC Limited's Delegation of Authority Framework?

    <p>Approving strategy and mission</p> Signup and view all the answers

    What is the CEO authorized to do in relation to the Delegation of Authority at NNPC Limited?

    <p>Delegate functions or authorities to the Chief Financial Officer or relevant Senior Management Staff</p> Signup and view all the answers

    What areas does the Delegation of Authority framework cover?

    <p>Strategy and Policy Matters, Risk Management and Assurance Matters, Governance and Board Matters</p> Signup and view all the answers

    Who has the power to approve any amendments or deviations from the approval processes outlined in the Delegation of Authority Framework?

    <p>The Board</p> Signup and view all the answers

    What does the Delegation of Authority Matrix define for Directors and Management at NNPC Limited?

    <p>Approving authorities for various transactions and business decisions</p> Signup and view all the answers

    In what manner is the Delegation of Authority intended for use by NNPC Limited according to the text?

    <p>Intended for use by NNPC Limited, not its subsidiaries</p> Signup and view all the answers

    Which entity is responsible for building long-term shareholder value?

    <p>Shareholders</p> Signup and view all the answers

    Who is directly managed by the CEO and responsible for day-to-day management, including goal setting and strategy planning?

    <p>Senior Management Team (SMT)</p> Signup and view all the answers

    Which subset of the Board has oversight on specific matters such as audit, establishment, strategy, finance, and sustainability?

    <p>NNPC Ltd Board Committees</p> Signup and view all the answers

    Which entity is responsible for executing NNPC Ltd's strategy and accountable for overall performance?

    <p>Chief Executive Officer (CEO)</p> Signup and view all the answers

    Who are appointed to manage NNPC Ltd and protect shareholder value, with delegation authority to Board Committees, CEO, and SMT?

    <p>NNPC Ltd Board of Directors</p> Signup and view all the answers

    Which entities act as autonomous entities in NNPC Ltd's interest, with detailed roles and responsibilities documented in their charters or terms of reference?

    <p>Subsidiary Boards</p> Signup and view all the answers

    According to the NNPC Limited Delegation of Authority Framework, which of the following is considered a decision-making item related to Governance and Board Operations Matters?

    <p>Board succession planning and performance evaluation of the NNPC Board</p> Signup and view all the answers

    In the context of NNPC Limited's decision-making items, which category includes the formulation of strategy, policy articulation, and defining and amending mission, vision, and values?

    <p>Strategy and Policy Matters</p> Signup and view all the answers

    What is a decision-making item related to Risk Management and Assurance Matters, as per the NNPC Limited Delegation of Authority Framework?

    <p>Internal Audit plan and charter</p> Signup and view all the answers

    Which decision-making item is specifically related to Governance and Board Operations Matters as outlined in the NNPC Limited Delegation of Authority Framework?

    <p>Board succession planning and performance evaluation of the NNPC Board</p> Signup and view all the answers

    According to the NNPC Limited Delegation of Authority Framework, which category includes decision-making items related to appointment, remuneration, and removal of external auditors?

    <p>Risk Management and Assurance Matters</p> Signup and view all the answers

    What is a decision-making item specifically related to NNPC Limited Strategy and Policy Matters as per the Delegation of Authority Framework?

    <p>Defining and amending mission, vision, and values</p> Signup and view all the answers

    Study Notes

    • AA Hibo hosts the first episode of Energy and You for the year 2023, focusing on the Nigerian National Petroleum Company (NNPC) Limited.

    • NNPC Limited fine-tunes strategies to deepen sustainability practices and ensure sustainable economic growth.

    • International oil prices dropped significantly in 2023 due to supply and demand concerns and geopolitical turmoil.

    • Brent crude is forecasted to average $82.56 a barrel in 2024 according to a Reuters survey.

    • OPEC Plus is currently cutting output by 6 million barrels per day, representing 6% of global supply.

    • The new board of NNPC Limited, chaired by Chief Pascal Dozie, was inaugurated by President Bola Tinubu on December 18, 2023.

    • The board is made up of seasoned professionals in various fields, including oil and gas, law, finance, and diplomacy.

    • NNPC Limited recorded 112 incidents of crude oil theft and pipeline vandalism between December 23 and 29, 2023.

    • 42 illegal refineries were discovered and destroyed in several states, including Bayelsa, IMO, Delta, and Abia.

    • 14 illegal connections and 10 cases of vandalism were uncovered in various parts of the Delta and Abia states.

    • 11 vehicle arrests and eight vessel AIS infringements were recorded, with 46 incidents occurring in the Eastern region, 32 in the Central region, and 26 in the Western region.

    • 18 suspects were arrested for crude oil theft and suspicious activities.

    • NNPC Limited continues its war on crude oil theft and pipeline vandalism, encouraging the public to report such activities.

    • NNPC Limited held a 3-day workshop in Abuja to discuss sustainability challenges and share best practices in the oil and gas sector.

    • Participants included representatives from 41 service support and business units.

    • Sustainability challenges discussed included environmental impact, stakeholder engagement, community development, renewable energy integration, emissions reduction, and corporate social responsibility.

    • Mr. Chinedu Igu emphasized the importance of sustainability for NNPC's long-term success and the need for transparency and disclosure.

    • Mrs. Benedicta Mumu highlighted the importance of sustainability in NNPC's corporate strategy.

    • A new 260-seat building was commissioned for the University of Nigeria, Ijeaka, to enhance educational activities and create employment opportunities.

    • The purpose of the building is to provide adequate space for lectures, seminars, workshops, and conferences.

    • NNPC Limited's commitment to supporting educational institutions through CSR initiatives was emphasized.

    • The workshop provided a platform for establishing a framework for monitoring and reporting sustainability issues for internal and external stakeholders.

    • NNPC Limited's goal is to positively impact communities and contribute to sustainable development, focusing on social welfare, education, health care, and environmental stewardship.

    • Mr. Mel Kari received the outstanding leadership award in the oil and gas industry at the 2023 annual lecture and dinner of the Nigerian Institute of Management NNPC chapter.

    • Energy security and increasing production levels of crude oil and gas were emphasized as top priorities for NNPC Limited.

    • NNPC Limited is committed to building robust policies and promoting transparency and accountability to drive its energy mix.

    • Nim NPC is a platform for members to learn, network, and gather skills crucial to their professional development.

    • NNPC Limited's Change Management Division attested to the positive impact of the Nim NPC capacity building initiative on professional growth.

    • AA Hibo hosts the first episode of Energy and You for the year 2023, focusing on the Nigerian National Petroleum Company (NNPC) Limited.

    • NNPC Limited fine-tunes strategies to deepen sustainability practices and ensure sustainable economic growth.

    • International oil prices dropped significantly in 2023 due to supply and demand concerns and geopolitical turmoil.

    • Brent crude is forecasted to average $82.56 a barrel in 2024 according to a Reuters survey.

    • OPEC Plus is currently cutting output by 6 million barrels per day, representing 6% of global supply.

    • The new board of NNPC Limited, chaired by Chief Pascal Dozie, was inaugurated by President Bola Tinubu on December 18, 2023.

    • The board is made up of seasoned professionals in various fields, including oil and gas, law, finance, and diplomacy.

    • NNPC Limited recorded 112 incidents of crude oil theft and pipeline vandalism between December 23 and 29, 2023.

    • 42 illegal refineries were discovered and destroyed in several states, including Bayelsa, IMO, Delta, and Abia.

    • 14 illegal connections and 10 cases of vandalism were uncovered in various parts of the Delta and Abia states.

    • 11 vehicle arrests and eight vessel AIS infringements were recorded, with 46 incidents occurring in the Eastern region, 32 in the Central region, and 26 in the Western region.

    • 18 suspects were arrested for crude oil theft and suspicious activities.

    • NNPC Limited continues its war on crude oil theft and pipeline vandalism, encouraging the public to report such activities.

    • NNPC Limited held a 3-day workshop in Abuja to discuss sustainability challenges and share best practices in the oil and gas sector.

    • Participants included representatives from 41 service support and business units.

    • Sustainability challenges discussed included environmental impact, stakeholder engagement, community development, renewable energy integration, emissions reduction, and corporate social responsibility.

    • Mr. Chinedu Igu emphasized the importance of sustainability for NNPC's long-term success and the need for transparency and disclosure.

    • Mrs. Benedicta Mumu highlighted the importance of sustainability in NNPC's corporate strategy.

    • A new 260-seat building was commissioned for the University of Nigeria, Ijeaka, to enhance educational activities and create employment opportunities.

    • The purpose of the building is to provide adequate space for lectures, seminars, workshops, and conferences.

    • NNPC Limited's commitment to supporting educational institutions through CSR initiatives was emphasized.

    • The workshop provided a platform for establishing a framework for monitoring and reporting sustainability issues for internal and external stakeholders.

    • NNPC Limited's goal is to positively impact communities and contribute to sustainable development, focusing on social welfare, education, health care, and environmental stewardship.

    • Mr. Mel Kari received the outstanding leadership award in the oil and gas industry at the 2023 annual lecture and dinner of the Nigerian Institute of Management NNPC chapter.

    • Energy security and increasing production levels of crude oil and gas were emphasized as top priorities for NNPC Limited.

    • NNPC Limited is committed to building robust policies and promoting transparency and accountability to drive its energy mix.

    • Nim NPC is a platform for members to learn, network, and gather skills crucial to their professional development.

    • NNPC Limited's Change Management Division attested to the positive impact of the Nim NPC capacity building initiative on professional growth.

    • Delegated decisions that affect the entire organization of NNPC Limited must be endorsed by the SMT before presentation to the Board or its designated committee.

    • NNPC Limited Delegation of Authority Framework outlines various decision types and their descriptions in the DOA Matrix.

    • Decision-making items related to NNPC Limited Strategy and Policy Matters include defining and amending mission, vision, and values, strategy formulation, and policy articulation.

    • Decision-making items related to Risk Management and Assurance Matters involve NNPC Ltd GRC frameworks and risk appetite and strategies.

    • Appointment, remuneration, and removal of external auditors are decision-making items in the Risk Management and Assurance Matters category.

    • Decision-making items related to Governance and Board Operations Matters include Memorandum and Articles of Association, Board and Board Committee charters, and Corporate Governance policies.

    • Board succession planning, performance evaluation of the NNPC Board and Committees, and determination of CEO performance criteria are also decision-making items.

    • Various decision-making items include appointments, remuneration, and removal of Directors for NNPC Limited and its subsidiaries, as well as executive and non-executive Director remuneration.

    • Internal Audit plan and charter, and internal audit arrangements are decision-making items related to Assurance matters to be initiated by Internal Audit.

    • The policy to be presented to each Board Committee aligns with Committee mandates as prescribed in CAMA 2020 or NCCG 2018.

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    Description

    Test your knowledge about NNPC Limited's strategies and vision for sustainable economic growth in Nigeria's energy sector. This quiz covers the company's focus on deepening sustainability practices and its board's inaugural meeting.

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