The Nigerian National Petroleum Company (NNPC) Limited is to become the most capitalised and profitable firm in Africa with the Petroleum Industry Act (PIA) 2021, Chief Executive Officer (CEO), Mallam Mele Kyari, has said.
A statement by the spokesman of the company, Garba Deen Muhammad, said the CEO of NNPC Ltd stated this when he addressed staff of the firm at a town hall meeting at the NNPC Towers with staff outside the headquarters joining virtually, at the weekend.
The PIA, which became active in the third quarter of 2021, is being implemented in earnest, providing more business opportunities for NNPC Ltd to earn more revenue for Nigeria.
On the significance of the PIA, Kyari said it had put “all money-making options on the table; it is up to us to take advantage of it”.
The CEO further said, “as a result of the new legislation, NNPC Ltd would not only shed some of its toxic liabilities but will be the largest and most capitalised company in the whole of Africa and, potentially, the most profitable on the entire continent.”
He told the staff that the PIA has raised shareholders’ expectations on the company, even as it has given it wide room to make progress.
The CEO then charged the employees to ensure the company becomes a commercially viable entity and a multi-billion-dollar company that will continuously deliver value to its shareholders who, he said, are the over 200 million Nigerians.
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