NNPC transforms to new company from Friday

The Nigerian National Petroleum Corporation (NNPC) will from Friday, July 1 become a different entity in its operation.

The state-owned corporation, will no longer be simply referred to as NNPC but the Nigerian National Petroleum Company Limited (NNPC Ltd.).

The operation as a limited liability company is under the Companies and Allied Matters Act (CAMA) and would commence upon the signing of the assets transfer documents by the Ministers of Petroleum and Finance the same day.

The development is in line with the provisions of the Petroleum Industry Act (PIA).

Group Managing Director (GMD)/Chief Executive Officer (CEO) of NNPC Ltd, Malam Mele Kyari, said in a recent engagement session with business leaders across the company’s value chain in Abuja that they were working to comply with the provisions of the PIA.

Read also: FG, states in trouble, as NNPC again fails to remit, despite N470.61bn revenue

He said NNPC was doing everything possible to ensure compliance with the provisions of the Petroleum Industry Act (PIA) with regards to guidelines and timelines for action.

Kyari said that the new company would become operational with the transfer of verified assets from the Corporation to the NNPC Ltd. by the Ministers of Petroleum and Finance.

He explained that with the level of assets available combined with the new fiscal regime, NNPC Ltd. was set to become the number one energy company in Africa, noting that global brands interested in doing business with the new NNPC Ltd. needed to be sure of the company’s asset base.

On the objective of the session, Kyari stated that it was organised to engage business leaders on issues of change management strategies required to achieve the new business realities as a limited liability entity.

He added that the success or otherwise of the company depends heavily on how the change is managed.

In his presentation, the Chairman of the NNPC PIA Implementation Team and Group Executive Director, Downstream, Mr Yemi Adetunji, said that all was set for the presidential unveiling of the NNPC Ltd., scheduled for July 19.

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