By next week, President Muhammadu Buhari will unveil a corporatised Nigerian National Petroleum Company Ltd (NNPCL) which will take off with N200 billion capitalisation, drawing high expectations from petroleum industry watchers.
Daily Trust in this piece dissects what Nigerians should expect from the new corporate entity whose shares are said to be owned by over 200 million Nigerians, conducting business in a regulated manner in line with the provisions of the Companies and Allied Matters Act (CAMA).
The NNPC’s transformation into a CAMA company followed the implementation of the Petroleum Industry Act 2021 (PIA) which was signed by Buhari on August 16, 2021 after the Petroleum Industry Bill (PIB) was passed by lawmakers in July 2021.
Swiftly following its implementation of the sections for NNPC, the national oil company’s reform journey began, first with the Corporate Affairs Commission (CAC) incorporating NNPC on September 21, 2021.
