Nigerian Governors Raise Questions About New NNPC Ownership

• Nigerian governors are questioning the ownership of the new NNPC, including its assets and liabilities
• This comes as Vice President Yemi Osinbajo, who is the Chairman of the National Economic Council, raised Sub-committee to investigate issues raised by the governors
• The Group Chief Executive Officer of NNPC, Mele Kyari, provided updates on the performance of the company and petrol availability

Nigerian state governors raised questions about the ownership of the new Nigerian National Petroleum Company Limited (NNPC), including its assets and liabilities.

The questions prompted Vice President Yemi Osinbajo, the chairman of the Council, to direct a sub-committee with the Federal Government on all issues presented.

What Osinbajo said

A statement by the Senior Special Assitant to the vice president on Media and Publicity, Laolu Akande, said the concerns were presented by the NNPC Group Chief Executive Officer, Mele Kyari, who provided updates on crude oil production and security intervention against oil theft.

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In the statement, Akande said Kyari raised production issues and updates on markets, including PMS supply and distribution, in which he assured sufficient supply.

The Punch reported that the council had received a briefing from the Managing Director of the Nigeria Sovereign Investment Authority, Uche Orji, who said that the agency closed the 2021 financial year with a profit after tax of N1553.8 billion, a decline of 1.9 per cent from 2020 of N156.56 billion.

The Nigeria Sovereign Investment Authority (NSIA) stated that total income for 2021 declined marginally by 8.2 per cent to close the year at N147 billion as against N160 billion in 2020.

NNPC is now Nigeria’s biggest company by shares capital as it enters a new era after 44 years

Recall Legit.ng that reported President Muhammdu Buhari will Tuesday, 19 July 2022, officially change the status of the Nigerian National Petroleum Company Limited (NNPC) to become a fully Limited Liability Company. NNPC's operations will now be fully compliant with the terms of the Companies and Allied Matters Act (CAMA) of 20.

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This means that the general public can now buy and sell NNPC shares, but not yet.

NNPC, on the other hand, established an initial share capital of N200 billion when it was incorporated with the Corporate Affairs Commission.

Source: Legit.ng