NNPC Ltd to disclose new asset base, will continue paying subsidy – Mele Kyari

The newly unveiled Nigerian National Petroleum Company Limited (NNPC Ltd) will soon reveal the huge asset base of its current status.

This was disclosed by Malam Mele Kyari, Group Chief Executive Officer of NNPC Ltd at a media chat after the Presidential unveiling of the new NNPC Limited at the Presidential Villa, Abuja, according to NAN.

President Muhammadu while unveiling the company had stated in his speech that the company would also support sustainable growth across other sectors of the economy as it delivers energy to the world.

What the NNPC Ltd’s boss is saying

Kyari stated that the company’s organisational structure would be changed so as to get different results while more competencies would be embraced as it continues its obligations towards paying subsidy.

“We now have a smarter, more responsive and more accountable company that must act within the premises of all the regulations that are accountable for private companies.

“We must also meet the standards for best practices in the industry, in terms of governance and make sure that all regulations are applied.

“We must ensure that we deliver back to back to all our stakeholders,” he said.

He stated that its new structure would translate into ensuring dividends and delivering energy being longed by shareholders.

“The new company was in the position to achieve both mandates because it was now an enabling company that could act quickly and can also make decisions quickly. By the middle of 2023, the company would be having systems, processes, lines of profitability and accountability to stakeholders.

On subsidy, he said the NNPC Limited had no issue with it rather it would be an issue of the state.

He said, “Whatever is the decision and policy of the state, the NNPC is there to deliver commercial value to the customer at the price that the state wants.”

What you should know

• It would be recalled that President Muhammadu Buhari formally launched the new Nigerian National Petroleum Company Limited, with a new logo and also a new motto, “Energy for Today, Energy for Tomorrow”.
• The President said that the unveiling of the new company is a landmark event for the Nigerian oil industry, citing that the NNPC Ltd will be an independent, commercially viable company that will adhere to global energy standards.
• Nairametrics reported yesterday that Kyari said the launch of the company is a new beginning for the energy industry in Nigeria and for the world. He stated that he has no doubt the new national oil company is supercharged to meet the high expectations of Nigerians.