NNPCL Begins Remittance Into Federation Account After Exiting Fuel Subsidy Shackle

In line with the provisions of the Petroleum Industry Act 2021, the Nigerian National Petroleum Company Limited has commenced the payment of dividends into the federation account.

The NNPC Limited on Thursday began the payment of interim dividend and PSC profit oil as part of the N907bn shared by the Federation Account Allocation Committee to the three tiers of government.

The remittance is coming barely two months after the NNPC exited the fuel subsidy shackle following the removal by President Bola Tinubu.

During the FAAC distribution, which was chaired by the Accountant General of the Federation, Dr. Oluwatoyin Madein, the NNPCL remitted N123bn into the coffers of the government.

A breakdown of the N123bn showed that the National Oil Company paid N81bn as a monthly interim dividend and N42bn as 40 percent PSC profit oil.

This is in addition to compliance with the payment of royalties and taxes.

The payment of dividends by the NNPC Limited clearly shows that the company under the leadership of the Group Chief Executive Officer, Mallam Mele Kyari is moving in a positive trajectory as enshrined in the PIA.

Since he assumed office, Kyari has pursued his Transparency, Accountability, and Performance Excellence (TAPE) agenda, a five-step strategic roadmap for NNPC’s attainment of efficiency and global excellence.

Kyari, during the inauguration, had said pursuing TAPE was the only way to turn around the corporation and make it competitive.

Under the roadmap, the Transparency component of the agenda was aimed at maintaining a positive image, and sharing values of integrity and transparency with all stakeholders, while the Accountability segment of the campaign is to assure compliance with business ethics, policies, regulations, and accountability to all stakeholders.

In terms of the two-prong item of Performance Excellence, Kyari had said the idea was to entrench a high level of efficiency anchored on efficient implementation of business processes which would also emplace an appropriate reward system for exceptional performance among the workforce.



Culled from thewhistler.ng