The new entity would become a commercially oriented and profit-driven national oil company independent of government
The newly unveiled Nigerian National Petroleum Company Limited (NNPC Ltd) will soon reveal its new asset base, the Group Chief Executive Officer of the national oil firm, Mele Kyari, has said.
Mr Kyari disclosed this while speaking to Journalists after the presidential unveiling of the new NNPC Limited in Abuja on Tuesday.
President Muhammadu Buhari had on Tuesday unveiled the new Nigerian National Petroleum Company Limited, a landmark event that officially changes the oil firm from a wholly state-run entity to a commercial oil company, limited by shares.
“We are transforming our petroleum industry to strengthen the growth today July 19 2022. NNPC Limited now will operate as a commercial oil company with over 200 million shareholders with integrity and excellence,” Mr Buhari said at the event.
The new entity is expected to become a commercially oriented and profit-driven national petroleum company independent of government, although government bodies remain its shareholders. It will be audited annually.
“Very soon we will disclose the asset base of our current status,” Mr Kyari said.
“We now have a smarter, more responsive and more accountable company that must act within the premises of all the regulations that are accountable for private companies.
“We must also meet the standards for best practices in the industry, in terms of governance and make sure that all regulations are applied. We must ensure that we deliver back to back to all our stakeholders.”
Mr Kyari noted that the new NNPC Limited would translate into ensuring dividends and delivering energy being longed for by shareholders.
“The new company was in the position to achieve both mandates because it was now an enabling company that could act quickly and can also make decisions quickly. By the middle of 2023, the company would be having systems, processes, lines of profitability and accountability to stakeholders.
Subsidy
While speaking on subsidy, he said that the NNPC Limited had no issue with it, rather it would be an issue of the state.
“Whatever is the decision and policy of the state, the NNPC is there to deliver commercial value to the customer at the price that the state wants,” he said.
According to him, the company had adopted a strategic initiative to achieve the mandate of energy security for the country by rolling out a comprehensive expansion plan to grow its fuel retail presence from 547 to over 1500 outlets within the next six months.
“NNPC Limited is positioned to lead Africa’s gradual transition to new energy by deepening natural gas production to create low carbon activities and positively change the story of energy poverty at home and around the world,” he said.