PIA ‘ll Make NNPC The Most Capitalised, Profitable Company In Africa—Kyari

The Group Managing Director of the Nigerian National Petroluem Company Ltd, Mr Mele Kyari has expressed optimism that the implementation of the Petroleum Industry Act will position the NNPC as the most capitalised and profitable company in Africa.

Kyari said this while addressing members of staff of the organisation during a town hall meeting held at the NNPC Towers, at the weekend.

Advertisement

Other members of staff of the NNPC outside the Corporate Headquarters participated virtually.

The PIA was signed into law by President Muhammadu Buhari on 16th August, 2021.

Following the assent of the President, the NNPC LTD was incorporated by the Corporate Affairs Commission on September 22 last year after it received application for its registration from the Federal Government.

The GMD while speaking at the meeting with members of staff said the new legislation will provide business opportunities that will enable the NNPC earn more revenue for the country.
 

Advertisement

Highlighting the significance of the PIA to the NNPC and by extension the Nigerian economy, Kyari, in a statement from the NNPC said the new legislation has raised shareholders’ expectations on the company, even as it has given it a wide room to make progress.

The statement signed by Garba Deen Muhammad, Group General Manager, Group Public Affairs, Division, quoted Kyari to have said, “The PIA has 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 NNPC Boss charged employees of the organisation to ensure that the company becomes a commercially viable entity and a multi-billion-dollar company that will continuously deliver value to its shareholders–the over 200 million Nigerians.
 

Buhari had on January 7 this year, in line with the provisions of the PIA, inaugurated the Board of the NNPC LTD with a charge on the members to ensure strict compliance with corporate governance principles.

Advertisement

Members of the board to be chaired by Margery Chuba Okadigbo include Mele Kolo Kyari, Chief Executive Officer; Umar I. Ajiya, Chief Financial Officer; Tajudeen Umar (North-East); Lami O. Ahmed (North-Central); Mohammed Lawal (North-West); Henry Obih (South-East); Constance Harry Marshal (South-South) and Pius Akinyelure (South-West).

He charged them to focus on profitability and operate at par with its industry peers.

He said, “I expect the NNPC Limited to be mindful of our commitments to our net carbon zero aspirations and to ensure total alignment with the global energy transition realities

“NNPC Limited is expected to operate at par with its industry peers across the world while acting as enabler company that will foster the development of other sectors of our economy.

“The Nigerian National Petroleum Company Limited is mandated to focus on profitability and continuous value creation beyond the simple fulfilment of legal and regulatory requirements.

ENDS

Leave a comment

Advertisement