Beginning on Friday, July 1, the Nigerian National Petroleum Corporation (NNPC) will operate as a distinct company.
The Nigerian National Petroleum Company Limited will henceforth be referred to the state-owned company instead of NNPC (NNPC Ltd.).
The Companies and Allied Matters Act (CAMA), which governs limited liability companies, would take effect the moment the Ministers of Petroleum and Finance signed the forms transferring assets on the same day.
The change is in accordance with the Petroleum Industry Act’s regulations (PIA).
Malam Mele Kyari, Group Managing Director (GMD)/Chief Executive Officer (CEO) of NNPC Ltd, stated that the company was making efforts to adhere to the PIA’s requirements at a recent engagement session with business leaders from all points along the company’s value chain in Abuja.
According to him, NNPC was making every effort to guarantee that the rules and deadlines for taking action set forth in the Petroleum Industry Act (PIA) were being followed.
The transfer of verified assets from the Corporation to the NNPC Ltd. by the Ministers of Petroleum and Finance will allow the new business to start operating, according to Kyari.
In addition, he noted that international brands interested in doing business with the new NNPC Ltd. needed to be confident in the company’s asset base. He claimed that given the level of assets available and the new fiscal regime, NNPC Ltd. was poised to overtake all other energy companies in Africa.
According to Kyari, the session’s goal was to engage business executives in discussions on the change management techniques needed to successfully implement the new business reality as a limited liability entity.
He continued by saying that how the change is handled would have a significant impact on the company’s success or failure.
Yemi Adetunji, Group Executive Director, Downstream and Chairman of the NNPC PIA Implementation Team, stated in his presentation that all was prepared for the July 19 presidential unveiling of the NNPC Ltd.
