NNPC ready to wear new identity soon
By Felicia Nwosu
The Nigerian National Petroleum Corporation (NNPC) has disclosed its plan and readiness to embark on rebranding its identity with effect from Friday, 1 July, as a Limited Liability Company, to resonate with its strategic vision.
The nation’s oil pride entity stated that it will no longer be known as NNPC, but the Nigerian National Petroleum Company Limited (NNPC Ltd.).
According to the state-owned oil corporation, the rebranding to new identity in its operation, as a limited liability company, is contained under the Companies and Allied Matters Act (CAMA) and would commence upon the signing of the assets transfer documents by the Ministers of Petroleum and Finance the same day. It added that the development is in line with the provisions of the Petroleum Industry Act (PIA).
Elaborating on this development in Abuja, Malam Mele Kyari, Group Managing Director (GMD)/Chief Executive Officer (CEO) of NNPC Ltd, during an engagement session with business leaders across the company’s value chain, said that they were working to comply with the provisions of the PIA.
He said NNPC was doing everything possible to ensure compliance with the provisions of the Petroleum Industry Act (PIA) with regards to guidelines and timelines for action.
Kyari reaffirmed that the new company would become operational with the transfer of verified assets from the Corporation to the NNPC Ltd. by the Ministers of Petroleum and Finance.
The GMD also explained that with the level of assets available combined with the new fiscal regime, NNPC Ltd. was set to become the number one energy company in Africa, noting that global brands interested in doing business with the new NNPC Ltd. needed to be sure of the company’s asset base.
On the objective of the session, Kyari stated that it was organised to engage business leaders on issues of change management strategies required to achieve the new business realities as a limited liability entity. He added that the success or otherwise of the company depends heavily on how the change is managed.
Also, Yemi Adetunji, the Chairman of the NNPC PIA Implementation Team and Group Executive Director, Downstream, revealed that all plans have been concluded and ready for the presidential unveiling of the NNPC Ltd., scheduled to hold July 19, 2022.
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