With Planned Dividend Payout, NNPC Prepares for Life Outside FG’s Control


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•Corporation’s April expenditure rises by 17.2% to N492.05bn

By Emmanuel Addeh in Abuja and Peter Uzoho in Lagos

The Nigerian National Petroleum Corporation (NNPC) is assiduously working towards the payment of dividends to its shareholders, notably the federal, state and local governments, to satisfy one of the conditions for listing on the Nigerian Exchange Limited (NGX), THISDAY learnt yesterday.

Within the first six months of the operation of the new petroleum legislation, expected to be signed into law by President Muhammadu Buhari any time soon, the Minister of Petroleum Resources, being the president, is mandated under the Petroleum Industry Bill (PIB) to incorporate the NNPC as a limited liability company to be known as NNPC Limited, to fully commercialise its operations.

Nigerians were shocked recently to hear the Group Managing Director of the NNPC, Mr. Mele Kyari, declare in public on three separate occasions that the…

Source: Thisday Newspaper