The planned target of the Nigerian National Petroleum Corporation (NNPC) Limited can only be feasible when the refineries are back to full processing capacity, a former executive director of the NNPC has said.
According to him most companies get capitalized through credible structures and paid-up capitals. He said there is also the issue of the company being profitable. “But when you are bleeding from idle major assets, and not earning revenue but spending on rehabilitation and paying salaries and other operating costs, profit is eroded.
Chief Executive Officer (CEO) of the company, Mele Kyari while addressing the staff of the company had stated that with the signing into law the Petroleum Industry Act (PIA), NNPC Ltd would not only shed some of its toxic liabilities but will be the largest and most capitalised company in the whole of Africa and, potentially, the most profitable on the entire continent.
“As the Federal Government commenced full implementation of the Petroleum Industry Act (PIA) in earnest, the new legislation has been tipped to provide business opportunities that will enable the Nigerian National Petroleum Company Limited (NNPC) earn more revenue for the country,” he said
Highlighting the significance of the PIA to the NNPC and by extension the Nigerian economy, Kyari said the new legislation has raised shareholders’ expectations on the company, even as it has given it wide room to make progress.
According to Garba Deen Muhammad, Group General Manager,
Group Public Affairs, Division, NNPC LTD, in a statement, the CEO said the PIA had put “all money-making options on the table; it is up to us to take advantage of it”.
The CEO charged employees of the organisation to ensure the company becomes a commercially viable entity and a multi-billion-dollar company that will continuously deliver value to its shareholders–the over two hundred million Nigerians.