The successful transition of the Nigerian National Petroleum Corporation (NNPC) to a commercially driven national energy company, the Nigerian National Petroleum Company Limited (NNPCL) has repositioned the company to the extent of delivering N4.5tr in 10 months, the Group Managing Director, Mallam Mele Kyari, has indicated.
Speaking, yesterday, when he appeared before the Senate Committee on Finance for 2024 budget defence, said the company has never had a better situation than it does today, as the transition has boosted the company’s image that it is currently getting the trust of everyone, including the financial institutions globally, who now lend to it so that it can do business.
According to him, the bold step taken by President Bola Tinubu also saved the company from liquidating.
Kyari said: “The company is a creation of the National Assembly. We are paying our taxes, royalties and delivering dividends to Nigerians. In this year alone up to October, we were able to deliver N4.5 trillion of revenue to the federation account. This company is changing. Perhaps, this is the most transparent national oil company in Africa.
“The reason is very simple; because this is the requirement of the law. So the conviction of the company to become transparent to the shareholders is the right thing to do.’’
“The end effect is that we are delivering value, as well as working and getting the support of all stakeholders, particularly the National Assembly to support all our processes around crude oil theft and other associated infractions, and we are seeing results.”
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