The NNPC is now expected to be managed like a private sector enterprise unlike the former corruption-ridden government organisation.

President Muhammadu Buhari on Tuesday unveiled the new Nigerian National Petroleum Company Limited, a landmark event that officially changes the oil firm from a wholly state-run entity to a commercial oil company, limited by shares.

The NNPC Limited is expected to be managed as a private energy enterprise unlike the former corruption-ridden government organisation.

The unveiling took place at the presidential banquet hall in Abuja.

“We are transforming our petroleum industry to strengthen the growth today July, 19 2022,” Mr Buhari said at the event.

“NNPC Limited now will operate as a commercial oil company with over 200 million shareholders with integrity and excellence.”

The official unveiling came weeks after the corporation transitioned into a company whose operations will be regulated by the Companies and Allied Matters Act (CAMA). The legal transition, based on the new Petroleum Industry Act, took effect July 1.

The NNPC completed its incorporation in September last year weeks after the the PIA was signed into law by President Buhari.

The NNPC Limited was then floated with an initial capital of N200 billion making history as the company with the highest share capital in the country.

The new entity is expected to become a commercially oriented and profit-driven national petroleum company independent of government, although government bodies remain its shareholders. It will be audited annually.

Cc: Lalasticlala Mynd44 Seun

https://www.premiumtimesng.com/news/headlines/543659-nigerian-govt-unveils-new-nnpc.html

I doubt if Logo is the reason for insecurity or inflation among other problem facing the country today

From top to the least person in government
They're all selfish, senseless and greedy

What yeye scam is this or am I missing something? Why should the govt give its a huge ₦200B since it's going public? Shouldn't the money be sourced from its initial public offering (ipo) instead?

LIVE08:




Cc: Lalasticlala Mynd44 Seun

https://www.premiumtimesng.com/news/headlines/543659-nigerian-govt-unveils-new-nnpc.html

the North trying all their best to conquer Nigeria oil industry

The NNPC Limited was then floated with an initial capital of N200 billion making history as the company with the highest share capital in the country.

A whole premium petroleum is valued at $32.5 billion, while Apple Inc is worth more than $1.3 trillion. Just do the maths.