Mele Kyari, Group Managing Director/Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Ltd, has revealed that from July 1, 2022, the company will become a fully Limited Liability Company.
The GMD disclosed this on Friday in Abuja, while speaking at an event where ISO 22301 certificate was presented to the National Petroleum Investment Management Services.
Kyari said, “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 a 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 governed 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.”
Recall that the Petroleum Industry Act 2021 was signed into law by President Muhammadu Buhari on 16th August, 2021, in which Section 53(1) of the PIA 2021, requires the Minister of Petroleum Resources to cause for the incorporation of the NNPC Limited within six months of the enactment of the act in consultation with the Minister of Finance on the nominal shares of the Company.
The Corporate Affairs Commission had on September 21, 2021, completed the incorporation of NNPC Ltd.