‘New’ NNPC will sell fuel at price dictated by FG: Kyari

“We now have a smarter, more responsive and more accountable company.”

News Agency of Nigeria • July 20, 2022

Mele Kyari and NNPC

The Nigerian National Petroleum Company Limited (NNPC Ltd) says it will do business at the price dictated by the federal government and promised to publicly declare its asset base soon.

According to its CEO Mele Kyari, by the middle of 2023, NNPC would have systems, processes, lines of profitability and accountability to stakeholders.

On subsidy, he said the NNPC Limited had no issue with it, rather it would be an issue of the state.

“Whatever is the decision and policy of the state, the NNPC is there to deliver commercial value to the customer at the price that the state wants,” Mr Kyari explained.

He stated this on Tuesday at a media chat after the presidential unveiling of the commercialised NNPC at the Presidential Villa, Abuja.

President Muhammadu Buhari unveiled the new NNPC which would operate as a profitable commercial entity and declare dividends to shareholders.

The Petroleum Industry Act (PIA) provides for the transition of NNPC into a fully commercial entity, a limited liability company incorporated under the Companies and Allied Matters Act (CAMA), to be known as the Nigerian National Petroleum Company Ltd.

It is expected to support sustainable growth across other sectors of Nigeria’s economy as it delivers energy to the world.

The NNPC honcho said the company’s structure would be changed to get different results while more competencies would be embraced.

“We now have a smarter, more responsive and more accountable company that must act within the premises of all the regulations that are accountable for private companies. We must also meet the standards for best practices in the industry, in terms of governance and make sure that all regulations are applied,” Mr Kyari stated. “We must ensure that we deliver back to back to all our stakeholders.”

He also mentioned that NNPC’s value would translate in two forms: ensuring dividends and delivering energy, asserting that it is in the position to achieve both mandates because it is now an enabling company that could take decisions and act quickly.

(NAN)

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