- The Nigerian National Petroleum Corporation is set to change its operation and become a different company from Friday, July 1
- 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
The Nigerian National Petroleum Corporation will undergo a transformation beginning on Friday, July 1.
The state-owned corporation will no longer be simply referred to as NNPC but the Nigerian National Petroleum Company Limited (NNPC Ltd.).
The development is in line with the provisions of the Petroleum Industry Act (PIA), Nigerian Tribune reports.
President Muhammdu Buhari unveiling of the NNPC Ltd., is scheduled for July 19.
FG, states finances in trouble, salary cut looms as NNPC again fails to remit N1.89trn crude oil sales revenue
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A new beginning for NNPC
Malam Mele Kyari, Group Managing Director (GMD)/Chief Executive Officer (CEO) of NNPC Ltd, stated during a stakeholder's meeting 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 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.
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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.
Speaking to Bloomberg TV, Kyari said:
“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.
FG, states in trouble, as NNPC announces no money, despite N1.89trn revenue
In another report, the Nigerian National Petroleum Corporation (NNPC) 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