By Adedapo Adesanya
The Nigerian National Petroleum Company Limited (NNPC) is expected to generate more revenue for the country as the Federal Government has positioned it to become the most capitalized company in Africa, said the company’s CEO, Mr. Mele Kyari.
This will happen as the central government has seriously started the full implementation of the Petroleum Industry Act (PIA).
Mr Kyari made the claim as he addressed staff at a town hall meeting over the weekend and said the PIA had put “all money-making options on the table; it is up to us to take advantage of it”.
Underscoring the importance of the PIA to NNPC and, by extension, the Nigerian economy, Mr Kyari said the new legislation had raised shareholder expectations of the company, even though it had given plenty of room for improvement.
He said that as a result of the new legislation, NNPC Limited would not only shed some of its toxic liabilities, but would be the largest and most capitalized company in all of Africa and potentially the most profitable in the whole continent.
The CEO has tasked the employees of the organization to ensure that the company grows into a commercially viable entity and a multi-billion dollar business that will continuously deliver value to its shareholders – the more than two hundred million Nigerians. .
Business Post had reported that President Muhammadu Buhari recently instituted the Board of Directors of NNPC Limited headed by Ms. Margery Chuba Okadigbo, Chairman, Mr. Mele Kolo Kyari, Managing Director, Mr. Umar I. Ajiya, Chief Financial Officer, Mr. Tajudeen Umar (North -East), Ms. Lami O Ahmed (North-Center), Mallam Mohammed Lawal (North-West), Mr. Henry Obih (South-East), Lawyer Constance Harry Marshal (South-South) and Mr. Pius Akinyelure (South- Where is).
Other participants included Mr. Nasir Sani Gwarzo, Permanent Secretary, Ministry of Petroleum Resources and Mr. Aliyu Ahmed, Permanent Secretary, Minister of Finance, Budget and National Planning.
The president instructed the board members to implement the reforms brought forward by the Petroleum Industry Act (PIA) 2021, which seeks to reposition the Nigerian petroleum industry into a commercially viable and competitive industry in line with global trade dynamics and best practices.
“The Nigerian National Petroleum Company Limited has a mandate to focus on profitability and continuous value creation beyond simply meeting legal and regulatory requirements.
“NNPC Limited is expected to operate at the same level as its industry peers across the globe while acting as an Enabler Company that will foster the development of other sectors of our economy,” he said.