After 46 Years NNPC Ends Operation as a Government Corporation, Sets New Targets for the Future
- The Nigerian National Petroleum Corporation (NNPC) has ended its operations as a government corporation
- 46 years ago the NNPC was established to oversee the country's oil and gas industry as a regulator
- NNPC is now officially NNPC limited liability company and will seek to commercialise its operation for the future
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The Nigerian National Petroleum Company Limited (NNPCL) has officially taken over the assets of the Nigerian National Petroleum Corporation (NNPC) after 46 years of operation as a state-run entity.
ThisDay reports that the final ceremony that officially marks the birth of NNPCL took place at the corporation’s towers in Abuja on Friday, 17 February 2023.
Thursday now makes it official, the legal transition which started after the Petroleum Industry Act (PIA) took effect on July 1, 2022.
Source: Twitter
How NNPCL will operate
Based on PIA, NNPCL is expected to become a commercially oriented and profit-driven national petroleum company independent of the government.
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It is important to note that government bodies remain NNPCL shareholders, and will be audited annually, PremuimTimes reports.
Also, the PIA empowered NNPC Limited to operate like every private company in Nigeria with exemption from the Fiscal Responsibility Act, Public Procurement Act, and TSA to ensure that there are no excuses for failure.
Kyari, Sylva speak on NNPC
Timipre Sylva, the Minister of State for Petroleum Resources confirmed the new direction of NNPCL stressing that the federal government expects it to be a competitive and commercially oriented company.
He said:
"To get to this desired end, deliberate effort must be made to implement the law in a manner that best achieves the stated objectives in line with the yearnings and aspirations of Nigerians whose lives will be impacted by the consequences of our decisions and actions.
“As part of the commitment to achieve a viable National Energy Company, the PIA put a long stop date of 18 months from the effective date of the Act as the timeline within which full transfer of assets, interest and liabilities must be completed.”
Kyari sets a plan for the future
Also speaking during the ceremony, Mele Kyari, NNPCL Group Chief Executive Officer, said the new company, with over $60 billion in assets, would look to boost its profit from the current $2 billion declared by the oil corporation for 2021 operation.
"“Now everyone can see that we are a large company. There’s no company with $60 billion in assets. It doesn’t exist in this country.
“So, we are the largest company in this country. We are also the largest company in Africa. Let me be frontal about it, our past structures were designed around individuals and geopolitical zones. It’s no longer so. Today we have a slim management structure which recognises only our ability to deliver."
NNPC, NMDPRA speak on staff recruitment exercise reports, warn Nigerians
Meanwhile, in another report, the Nigerian National Petroleum Corporation has said reports that it is recruiting are fake and should be ignored by Nigerians
The national oil company revealed that announcement of any recruitment would be made through the right channels
Similarly, the NMDPRA has also issued a warning to Nigerians that there is no ongoing recruitment reported
Source: Legit.ng
