The Group Chief Executive Officer of Nigerian National Petroleum Company Ltd, Mallam Mele Kyari said that the company will deliver value to shareholders, which will come in two forms, one, that they will pay dividends, and the second is to deliver energy to the country.
Speaking to the media during the unveiling of the Nigerian National Petroleum Company Ltd at the Banquet Hall of the State House on Tuesday, Kyari said, “Beyond these, it will deliver value to shareholders, which will come in two forms, one, that they will pay dividends and the second is that you must deliver energy to the country. That is what our shareholders are expecting from us and this company is now in a position to deliver both because it is now a nimble company that can act quickly.
Speaking on what Nigerians and stakeholders should expect from NNPC Limited, Mallam Mele Kyari said the new entity would be smarter and much more responsive in its operations.
He said: “You now have a smarter, more responsive and much more accountable company that must act within the premises of all the regulations that are in the country for private companies and must also meet the standards of best practice in terms of governance and making sure that all regulations.
“It can borrow more quickly and also return money quickly, and can also make decisions quickly with the ability to get the best people anywhere in the world. I am sure Nigerians will see a very different company in the coming days and months. I am sure that by the middle of next year the company will be IPO ready. Meaning that it will have systems, process, line of sight and profitability”, he added.
Kyari explained that as a private company, NNPC Limited is no longer expected to attend the Federation Account Allocation Committee, FAAC, meeting.
“No more FAAC. We will pay our taxes, we will pay our royalties and we will deliver dividends to our shareholders”, he stated.
He also insisted the new company would have nothing to do with petrol subsidy, saying it was purely a Federal Government decision and policy.
He pointed out that in the supply of petrol the Federal Government is now a customer to NNPC Limited.
“NNPC will have no issue with this and NNPC will be happy to supply petrol because we see the state as our customer”.
