The Nigerian National Petroleum Company Ltd (NNPC Ltd), says it will exactly three months today (July 1), become a fully Limited Liability Company whose operations will be fully run in compliance with the provisions of the Companies and Allied Matters Act (CAMA) of 2020.
Mele Kolo Kyari, the Group Managing Director/Chief Executive Officer of the NNPC Ltd, made this known on Friday in Abuja during the presentation of ISO 22301 Certificate to the National Petroleum Investment Management Services (NAPIMS).
The GMD noted that the PIA implementation had made it imperative for the NNPC’s operations to be run like a private sector enterprise.
According to the NNPC boss, unlike in the past when the NNPC was owned by the government, the time had come for it to become more efficient in its operations in order to effectively maximise returns on investment for the 200 million Nigerians.
Kyari GMD noted that pipeline vandalism and crude oil theft are major challenges that had reduced crude oil production to about 1.5 million barrels per day.
He, however assured that crude oil production challenge was being addressed through collaborative efforts between the NNPC, security agencies and other agencies of government.
Kyari stated that with the current action of the Navy, the issue of pipeline vandalism and crude oil theft would be contained within the next two to three weeks.
“Enormous work is going on with security agencies and I am optimistic that within two to three weeks, very measurable outcomes will come up so that our businesses can continue.
“The Navy is carrying out massive operation to contain oil theft in the Niger Delta as we speak. Beyond this, as we progress into the future, our company will transit by 1st of July into a different company that will be govern by the provisions of CAMA and also the PIA and other legislations that are applicable to other companies operating in this space. We know that this is good for the industry and the country”, he stressed.
The Corporate Affairs Commission on September 21, 2021, completed the incorporation of NNPC Ltd in accordance with the provisions of the Petroleum Industry Act 2021, which was signed into law by President Muhammadu Buhari on August, 16, 2021.
Present at the event were the Minister of State for Petroluem Resources Timipre Sylva, the Chairman of the NNPC Board Mrs Margery Okadigbo; the Group General Manager NAPIMS Bala Wunti and other senior management staff of the NNPC.