Chief Executive Officer of the Nigerian National Petroleum Company, NNPC Limited Mele Kyari says with the implementation of the Petroleum Industry Act, PIA, the company will do away with a major portion of its toxic liabilities.
Group General Manager, Group Public Affairs Division of NNPCGarba Muhammad in a statement quoted Kyari as saying this while addressing staff of the organisation in a town hall meeting in Abuja. Sections 55 and 56 of the PIA provides the process of transition from NNPC to NNPC Limited and the transfer of the assets and liability of the state-owned oil companies.
The NNPC Chief Executive explained that part of the plans of the new entity in the New Year was to do away with the high liabilities.
The statement also quoted Kyari as saying that the commencement of full implementation of PIA would provide business opportunities that would enable the company earn more revenues for the country.
According to him, the new legislation has raised shareholders’ expectations of the company, even as it has given it a wide room to make progress.
