Group managing director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari has said that the oil corporation will cease to exist within the next six months as specified by the Petroleum Industry Act (PIA).
Kyari who made the disclosure in an interview on Arise TV on Monday August 16, said the corporation would be transformed into a private company that would pay taxes and dividends to its shareholders.
He added that though all assets and liabilities of the NNPC is expected to be transferred to the new company, Kyari said some toxic assets of the corporation may not be transferred.
The NNPC GMD said;
“Coming back to the NNPC, the provision of the law clearly states that the corporation will be transformed into a CAMA company. This meaning of this is that the company will just be another privately owned company, in a sense.
“This company will pay taxes, royalties and dividends to its shareholders. This isn’t the situation today because the…
Source: Linda Ikeji