NNPC Limited To Kick Off In Six Months – Sylva

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The Minister of State for Petroleum Resources, Timipre Sylva has announced that the Nigerian National Petroleum Corporation (NNPC) will become a commercial company within six months following the signing of the Petroleum Industry Bill into law by President Muhammadu Buhari on Monday.

Sylva disclosed this at a press conference in Abuja on Tuesday.

According to Sylvia, a transitional committee is already in place to incorporate NNPC Limited.

The NNPC limited will be an offshoot of the current NNPC — incorporated under the Companies and Allied Matters Act.

The law stipulates that the incorporation of NNPC into a limited liability company will be done within six months after the president’s assent.

By incorporation, the new company will run as a commercial entity while the federal government still owns all shares, held by the ministry of finance and petroleum resources on its behalf.

Sylva noted that although the new petroleum act has deregulated the oil sector, subsidy policies will remain in place till further notice.

 




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