NNPC targets highest capitalisation in Africa, to shed toxic liabilities

By Adewale Sanyaolu

The Nigerian National Petroleum Company (NNPC) Limited, has unveiled plans to shed some of its toxic liabilities under a new legislation – the Petroleum Industry Act(PIA).

This was even as it said it will be the largest and most capitalised company in the whole of Africa and, potentially, the most profitable on the entire continent.

With Federal Government commencing 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, who disclosed this while addressing staff of the organisation at a town hall meeting held at the NNPC Towers, at the weekend, with staff outside the Corporate Headquarters (CHQ) participating virtually, highlighted the significance of the PIA to the NNPC and by extension the Nigerian economy.

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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 him, the PIA had put “all money-making options on the table; it is up to us to take advantage of it”.

He 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.

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