According to Mele Kyari, the oil corporation will cease to exist within the next six months as specified by the Petroleum Industry Act (PIA).

Group managing director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari has made a new revelation concerning the corporation.

This comes after President Muhammadu Buhari signed the Petroleum Industry Bill into law.

According to him, the oil corporation will cease to exist within the next six months as specified by the Petroleum Industry Act (PIA).

Kyari who made the disclosure in an interview on Arise TV on Monday August 16, said the corporation would be transformed into a private company that would pay taxes and dividends to its shareholders.

He added that though all assets and liabilities of the NNPC is expected to be transferred to the new company, Kyari said some toxic assets of the corporation may not be transferred.


The NNPC GMD said;

“Coming back to the NNPC, the provision of the law clearly states that the corporation will be transformed into a CAMA company. This meaning of this is that the company will just be another privately owned company, in a sense.

“This company will pay taxes, royalties and dividends to its shareholders. This isn’t the situation today because the corporation has no such obligation. This has stalled its development, its growth and its prosperity.

“According to the new Petroleum Industry Act, a new company will be incorporated within six months .

That means all assets and liabilities of the NNPC will be transferred to the new company.

“Not all of them, by the way. The bill is very clear. Some toxic assets of the corporation may not be transferred. The federation or shareholders can decide to keep some of the assets and leave some with the corporation.

“Therefore, you are going to have a much more efficient, much more slimmer, much more commercial national oil company.”

https://www.arise.tv/nnpc-will-cease-to-exist-within-six-months-gmd-mele-kyari/

Whatever

We sidon dey look..

Same wine in a different bottle.

Who owns the private company they are transferring it to?
These northerners want to pull wools over our eyes

I Love PMB

too many kyaris in our governmental powers, how come?

Who are going to be the shareholders?

So called Niger Delta, how market?

Nigeria is getting close to the scatter scatter stage. What is happening right now in phcn in relation to outrageous bill will definitely happen in the fuel sector when the shareholders take over, & who are the shareholders, na dem dem, dem northerners

Am so tired of been a Nigerian, it is shameful ft me as person

Transferred to Dangote abi, someone in the near future will emerge to cancel and rewrite the nonsense PIA

Converted a national asset to a private company and that asset controls resources of a region.

Niger Delta

My father land

My people





If we gather in one mind and wipe the old theives in our midst that say they represent us, freedom and change is certain

RuudVanNisteroy:
Same wine in a different bottle.

Na to just change the name from NNPC to another thing, no be se better fit commot from there at all..

Repent now of your sinful evil ways to avoid spending your eternity in hell fire after you die. Jesus Christ love and warns you to repent and convert now to Christianity to avoid hell fire. Only Jesus Christ can save you by his death on the cross and his blood which washes away your sins, any other ways ( Islam, paganism, Hinduism, atheism, etc) can not save you. Be wise while you still have the chance accept Jesus Christ now and save your soul from hell. Be wiser than Satan and follow the one true God

I have noticed it recently that some of the filling station have started removing NNPC Logo from their station. Somebody is trying to erase all the traces of his embezzlement as a petroleum boss.

ExAngel007:
According to Mele Kyari, the oil corporation will cease to exist within the next six months as specified by the Petroleum Industry Act (PIA).

Group managing director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari has made a new revelation concerning the corporation.

This comes after President Muhammadu Buhari signed the Petroleum Industry Bill into law.

According to him, the oil corporation will cease to exist within the next six months as specified by the Petroleum Industry Act (PIA).

Kyari who made the disclosure in an interview on Arise TV on Monday August 16, said the corporation would be transformed into a private company that would pay taxes and dividends to its shareholders.

He added that though all assets and liabilities of the NNPC is expected to be transferred to the new company, Kyari said some toxic assets of the corporation may not be transferred.


The NNPC GMD said;

“Coming back to the NNPC, the provision of the law clearly states that the corporation will be transformed into a CAMA company. This meaning of this is that the company will just be another privately owned company, in a sense.

“This company will pay taxes, royalties and dividends to its shareholders. This isn’t the situation today because the corporation has no such obligation. This has stalled its development, its growth and its prosperity.

“According to the new Petroleum Industry Act, a new company will be incorporated within six months .

That means all assets and liabilities of the NNPC will be transferred to the new company.

“Not all of them, by the way. The bill is very clear. Some toxic assets of the corporation may not be transferred. The federation or shareholders can decide to keep some of the assets and leave some with the corporation.

“Therefore, you are going to have a much more efficient, much more slimmer, much more commercial national oil company.”

https://www.arise.tv/nnpc-will-cease-to-exist-within-six-months-gmd-mele-kyari/

How will the Directors of the new company emerge? There lays the key to its success.

Jostoman:
I have noticed it recently that some of the filling station have started removing NNPC Logo from their station. Somebody is trying to erase all the traces of his embezzlement as a petroleum boss.

Nepa has disappeared, still no electricity? As much as names change, things still tend to remain the same.

ThatIgboBoy:
Who owns the private company they are transferring it to?
These northerners want to pull wools over our eyes

Shebi na Biafra be una problem? Enjoy your Nigeria.

Buckeyemedia1:
How will the Directors of the new company emerge? There lays the key to its success.

Op which director?it is the same people that will move with their corruption to the
new company.

supportnija:

Op which director?it is the same people that will move with their corruption to the
new company.

It makes sense now, that is what Buhari & Tinubu were discussing in the United Kingdom last week?

Asari dokubo how far ? How market?

Wrong move if you ask me.. who would the shareholders be?
Are they willing to carry out necessary reforms and make the moribund refineries operational? these ab0kis can't be trusted with anything.

One Nigeria is a pure scam.

I love this

This was exactly the same thing Atiku proposed during his 2019 campaign, he was massively insulted for it saying he will certainly sell it to his goons, so what is the difference between this foolish government/APC and Atiku/PDP

Country don taya me.....

Ike gwuru....

Ok. Fingers crossed.