The Nigerian National Petroleum Company Limited (NNPC) has commenced the shedding of some of its toxic Liabilities, thereby eyeing the spot of most capitalised company in Africa.
Chief Executive Officer (CEO) of the company, Mallam Mele Kyari, disclosed this while addressing staff of the organisation in a townhall meeting held at the NNPC Towers, at the weekend, with staff outside the Corporate Headquarters (CHQ) participating virtually.
In a statement by the company’s Head of Public Affairs, Garba Deen Muhammad quoted Kyari to have said that Petroleum Industry Act (PIA) has begun in earnest and had put “all money-making options on the table; it is up to us to take advantage of it”.
He said that as a result of the new legislation, NNPC would not only shed some of its toxic liabilities but would be the largest and most capitalised company in the whole of Africa and, potentially, the most profitable on the entire continent.
He did not mention some of the toxic liabilities but credible multiple sources at the Corporation disclosed that this include right-sizing.
Below is the full statement.
PRESS STATEMENT
PIA Provides Enormous Business Opportunities for NNPC Ltd, Says Kyari
As the Federal Government commenced full implementation of the Petroleum Industry Act (PIA) in earnest, the new legislation has been tipped to provide business opportunities that will enable the Nigerian National Petroleum Company Limited (NNPC) earn more revenue for the country.
Chief Executive Officer (CEO) of the company, Mallam Mele Kyari disclosed this while addressing staff of the organisation in a townhall meeting held at the NNPC Towers, at the weekend, with staff outside the Corporate Headquarters (CHQ) participating virtually.
Highlighting the significance of the PIA to the NNPC and by extension the Nigerian economy, Mallam Kyari said the new legislation has raised shareholders’ expectations on the company, even as it has given it a wide room to make progress.
According to the CEO, the PIA had put “all money-making options on the table; it is up to us to take advantage of it”.
He said as a result of the new legislation, NNPC Ltd would not only shed some of its toxic liabilities but will be the largest and most capitalised company in the whole of Africa and, potentially, the most profitable on the entire continent.
The CEO charged employees of the organisation to ensure the company becomes a commercially viable entity and a multi-billion-dollar company that will continuously deliver value to its shareholders–the over two hundred million Nigerians.
Garba Deen Muhammad,
Group General Manager,
Group Public Affairs, Division,
NNPC LTD.
Abuja
15.01.2022
