TheCable

Mele Kyari, group chief executive officer, Nigerian National Petroleum Company (NNPC) Limited, says the company will soon disclose its asset base in view of its current status.

Kyari made this known on Tuesday at a media chat after the presidential unveiling of the new NNPC Limited in Abuja.

On Tuesday, President Muhammadu Buhari unveiled NNPC Limited, transforming the oil firm from a state-run oil corporation to a commercial venture.

The transition enables the company to operate as a profitable commercial entity and declare dividends.

Buhari said the transformation would strengthen the capacity and market relevance of Nigeria’s oil industry.

Speaking at the event, Kyari said the company’s structure would change to get different results.

“We now have a smarter, more responsive, and more accountable company that must act within the premises of all the regulations that are accountable for private companies,” he said.

“We must also meet the standards for best practices in the industry, in terms of governance and make sure that all regulations are applied.

“We must ensure that we deliver back-to-back to all our stakeholders.”

Kyari said NNPC Limited’s value would translate in two forms: ensuring dividends and delivering energy being longed for by shareholders.

According to him, the new company is in the position to achieve both mandates because it is now an enabling company that could act quickly.

He said by the middle of 2023, the company would be having systems, processes, line of profitability and accountability to stakeholders.

On subsidy, Kyari maintained that the NNPC Limited has no issue with it, rather it would be an issue of the state.

“Whatever is the decision and policy of the state, the NNPC is there to deliver commercial value to the customer at the price that the state wants,” he said.