BUSINESS UNUSUAL: Platforms Africa reports that baggage and burden of old NNPC to be shed through the right-sizing of unnecessary investments and bloated staff strength, while the sale of shares through IPO will begin in phases
Nigerian President Muhammadu Buhari on Tuesday, July 19 unveiled the new Nigerian National Petroleum Company Limited ( NNPC LTD) in a ceremony that officially marks the transitioning of the oil firm from a state-run entity to a fully commercialised oil company, limited by shares.
Platforms Africa reports that with this development, the oil company is expected to be managed as a private energy enterprise.
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During the ceremony, Buhari said: “We are transforming our petroleum industry to strengthen the growth today July 19, 2022.
“NNPC Limited now will operate as a commercial oil company with over 200 million shareholders with integrity and excellence.”
The unveiling had the Senate President, Ahmad Lawan; the Minister of State for Petroleum Resources, Timipre Sylva; and the Group Managing Director of NNPC, Mele Kyari; among other top stakeholders in the oil and gas sector.
The transitioning from NNPC Group to NNPC Limited is in accordance with the Petroleum Industry Act.
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According to the Act, NNPC Limited will run a commercial and profit-focused organisation under the Company and Allied Matters Act (CAMA).
Platforms Africa reports that baggage and burden of old NNPC are to be shed through the right-sizing of unnecessary investments and bloated staff strength, as well as the sale of shares through Initial Public Offering (IPO).
Dr. Babatunde Adeniran, then Chief Operating Officer, NNPC Ventures was in 2018 reported by Platforms Africa to have said in an intervuew on the sideline of the Offshore Technology (OTC) that as at 2018, the old NNPC has the staff strenght of over 79,000 across its subsidiaries in Nigeria and across the World.
The offical number of staff on the payroll of NNPC has, prior to this, not been made public. The figures has, even after Adeniran’s expose, not been made public officially since 2018.
This, Platforms Africa exclusively gathered, is expected to change with the unveiling of a ‘new NNPC.’
