Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Mele Kyari has said within the next six months the Nigerian owned oil company will cease to exist and a new company that will be known as “a CAMA Company” will be incorporated and operate under the Company Allied Matters Act.
[bc_video video_id=”6268241885001″ account_id=”6116119081001″ player_id=”default” embed=”in-page” padding_top=”56%” autoplay=”” min_width=”0px” playsinline=”” picture_in_picture=”” max_width=”640px” mute=”” width=”100%” height=”100%” ]
Mr Kyari stated this on Monday when he featured on ARISE Newsnight and noted that by the virtue of the Petroleum Industry Act all liabilities and assets of the NNPC will be transferred to the new company.
He also noted that there will be a transition framework that will ensure the smooth shift from the present state to the new company as prescribed by the Act.
With the imminent unbundling of the NNPC, Mr Kyari addressed issues as it relates to whether he has lost his job. He also spoke on the three per cent revenue allocation to the host communities describing the allotted funds as more than the entire funds of the Niger Delta Development Commission.
Watch the interview for more.
Follow us on:
President Bola Tinubu on Friday declared that his purpose for seeking the nation's number one…
Kano state government is partnering Tony Blair Institute for Global Change to attract $23.5 million…
Nigeria's federal government has said it is currently reviewing the nation’s legal frameworks, among other…
The Nnamdi Azikiwe International Airport, Abuja, and the Port Harcourt International Airport have been recognised…
https://cdn.veri.app/13646108-d5ec-478b-a54c-b01f60dbca29.mp4 President Bola Ahmed Tinubu On Thursday directed Vice President, Kashim Shettima to lead Nigeria’s…
The United Sates (US) Vice President Kamala Harris has expressed her willingness to use her…