NNPC to shed some toxic liabilities, to become largest, most capitalized company in Africa — GMD

The Group Managing Director/Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Malam Mele Kyari, has said that the Petroleum Industry Act (PIA) has provided the organization with the opportunity to shed some of its toxic liabilities.

The new legislation is also expected to make the state-owned oil company become the largest and most capitalized company in Africa.

According to a statement by the Group General Manager, Group Public Affairs Division of NNPC Limited, Mr Garba Muhammad, this was made known by Kyari while addressing staff of the organization during a town hall meeting at NNPC Towers, Abuja.

Kyari, while highlighting the significance of the PIA to the NNPC and by extension the Nigerian economy, said that the new legislation will provide enormous opportunities to the company to earn more revenue for the country.

Kyari also said the new legislation had raised shareholders’ expectations on the company as well as given NNPC a wide room to make progress.

Kyari said, “The PIA has put all money-making options on the table; it is up to us to take advantage of it.”

The NNPC boss also charged staff of the organization to ensure that the company becomes a commercially viable entity and a multi-billion-dollar entity that would continuously deliver value to its shareholders.

The President Muhammadu Buhari, on August 16, 2021, signed the PIA into law, after it was passed by the two chambers of the National Assembly in July and almost 20 years after it was first introduced, representing a significant milestone for Nigeria’s oil and gas sector.

The President had also in September 2021, ordered the incorporation of the Nigerian National Petroleum Company Limited, with an initial capital of N200billion, in a bid to prepare the Federal Government for the Petroleum Industry Act.