Sunday, May 29, 2022

PIA: NNPC will soon lay off some of its toxic liabilities — Kyari

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Ibrahim Ramalan
Ibrahim Ramalan is a graduate of Mass Communications from the Ahmadu Bello University (ABU) Zaria. With nearly a decade-long, active journalism practice, Mr Ramalan has been able to rise from a cub reporter to the exalted position of an editor; first as Arts Editor with the Blueprint Newspapers before resigning in 2019; second and presently as an Associate Editor of the Daily Nigerian online newspaper. He can be reached via [email protected], or, or @McRamalan on Twitter.
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The Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Melw Kyari, has said that the company is working towards shedding off some of its toxic liabilities in a bid to open itself up for more business opportunities.

Mr Kyari, who said this while addressing staff of the organisation in a townhall meeting at NNPC Towers, Abuja, said the move is in keeping with the provisions of the Petroleum Industry Act, PIA.

Mr Kyari, in a statement on Sunday by Garba Muhammad, Group General Manager, Group Public Affairs Division, highlighted the significance of the PIA to the NNPC and by extension the Nigerian economy.

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The GMD said the new legislation had raised shareholders’ expectations on the company.

He added that the PIA had given the company a wide room to make progress.

According to him, the PIA has put “all money-making options on the table; it is up to us to take advantage of it.”

He said the company due to the new legislation would not only shed some of its toxic liabilities due to the new legislation but would be the largest and most capitalised company in Africa.

Kyari charged the workers to ensure the company becomes a commercially viable entity and a multi-billion-dollar entity that would continuously deliver value to its shareholders.

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