Buhari
The Nigerian National Petroleum Corporation is set to change its operation and become a different company from Friday, July 1. According to the report the NNPC Transforms to a New Company as from Friday July 1 which will give interested Nigerians a Chance to Become Shareholders.
“The transformation will give Nigerians a chance to become shareholders in NNPC which has been a government company for 45 years. NNPC is one of Africa’s largest state Oil & Gas Company with a presence in every area of the Oil and Gas value chain”, stated the GMD.
The report disclosed that the state-owned corporation will no longer be simply referred to as NNPC but the Nigerian National Petroleum Company Limited, NNPC Ltd.
According to the management, the development is in line with the provisions of the Petroleum Industry Act, PIA, Nigerian Tribune reports.
The Group Managing Director/Chief Executive Officer, Mele Kyari said “A new beginning for NNPC as it transforming to NNPC Ltd, that NNPC is doing all possible to guarantee compliance with the requirements of the Petroleum Industry Act, PIA, in terms of guidelines and timetables for action.
Kyari stated during a stakeholder’s meeting that President Muhammdu Buhari unveiling of the NNPC Ltd., is scheduled for July 19 adding that the new business will be active when the Ministers of Petroleum and Finance transfer verified assets from the Corporation to the NNPC Ltd.
He noted that with the level of assets available and the new fiscal regime, NNPC Ltd. was poised to become Africa’s number one energy company, saying that global brands interested in doing business with the new NNPC Ltd needed to be confident in the firm’s asset base, age heterogeneity and gender diversity in the top management team are the main levers of organizational performance.
It will be recalled that in September 2021, Kyari has said that the earliest the corporation can issue its Initial Public Offer, IPO, to investors is in the next three years 2024.
“We will be in the position to consider any IPO in three years’ (2024) time; that is the provision of the law.“But when you want to get ready for IPO, you need to do things different. You need to get your books correct; you need to recapitalise; you need to shape your portfolio and many more things that you have to do until you get IPO ready”, Kyari said while speaking to Bloomberg TV.
In another report, the Nigerian National Petroleum Company Ltd has announced it has no money to share to federal states and local governments
Providing a breakdown of its finance NNPC revealed it made N1.89 trillion in five months but most of the money has been spent.
World Bank has expressed concern that Nigeria could be heading for a massive fiscal crisis due to continue subsidy payments
It has reported that the FG, States, Finances are in Trouble, Salary Cut Looms as NNPC Again Fails to Remit N1.89trn Crude Oil Sales Revenue
The Nigerian National Petroleum Company Limited has announced it has no money to share to federal states and local governments Providing breakdown of its finance NNPC revealed it made N1.89 trillion in five months but most of the money has been spent World Bank has expressed concern that Nigeria could be heading for a massive fiscal crisis due to continue subsidy payments
According to the report, on Monday, the Nigerian National Petroleum Company Ltd revealed it failed to remit monies to the federation account in May 2022 despite making N470.61 billion.
This is the fifth straight months, NNPC has failed to add a kobo to the federal account while announcing a whopping N1.89 trillion revenue, N238.137 billion more than earlier projected revenue.
NNPC deficit payment to the federation account is now a whopping N704 billion, which is giving serious headache to states.
NNPC transformed to a new company on Friday, giving Nigerians a chance to become shareholders.
