President Muhammadu Buhari on Tuesday unveiled the new Nigerian National Petroleum Company Ltd (NNPC Ltd.) at the company headquarters in Abuja.
Last August, the group managing director of the Nigerian National Petroleum Corporation (NNPC), Mr. Mele Kyari had informed that plans were on the way to transit to a new company in line with the requirements of the newly enacted Petroleum Industry Act (PIA).
The GMD had explained further that the provision of the new Act stated that the NNPC be transformed to a company that will operate under the Companies and Allied Matters Act. According to him, the company will be another privately owned company in a sense; it will pay taxes, pay royalties and pay dividend to its shareholders.
Receiving the CEO of the Year Award from the Leadership Newspapers yesterday in Abuja, Kyari confirmed that President Buhari would conduct the transformation ceremony tomorrow in Abuja.
The Leadership Annual Conference and Awards also saw Vice President Prof. Yemi Osinbajo and World Trade Organisation (WTO) Director-General, Dr. Ngozi Okonjo-Iweala received the Leadership Person of the Year Awards.
Speaking virtually from Luanda, Angola where he is attending the meeting of African Petroleum Conference (CAPDE VIII), Kyari expressed “profound appreciation” toward the award.
He thanked the Leadership Newspapers Group for recognising the efforts of the NNPC. He said such recognition was a challenge to do more.
Mele had explained at the time that upon complete conversion, the new NNPC will take up obligations of a privately owned company.
According to him, in its old nature the Corporation had no such obligation, meaning that it has stalled growth, development and prosperity.
He further explained that upon complete transformation, all liabilities, personnel and assets of the NNPC will be inherited by the new company.
Once incorporated, according to him, there will automatically be process of transfer of assets, transfer of personnel and many others. He had also explained that the transition will would promote a more efficient oil company.
For a smooth transition, the federal government had established a structure and implementation committee for every institution affected by the provisions of the Petroleum Industry Act.
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