Saturday, June 3, 2023
  • Login
No Result
View All Result
The News Beam
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
The News Beam
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
No Result
View All Result
The News Beam
Home News Business & Economy

PIB: NNPC to be Privatised in 6 Months

August 17, 2021
in Business & Economy, Economy, Finance, Industry, News
Reading Time: 2 mins read
0
A A
0
PIB: NNPC to be Privatised in 6 Months
Share on FacebookShare on Twitter

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, has disclosed that the national oil company would be transformed into a private company that would be paying taxes and dividends to its shareholders.

Recall that President Muhammadu Buhari on Monday, signed the Petroleum Industry Bill (PIB) into law.

Explaining how the PIB signed into Law by the president would affect the corporation, Kyari in an interview with Arise TV on Monday, stated that the NNPC will cease to exist within the next six months as specified by the Petroleum Industry Act (PIA).

He added that the new company would be incorporated under the Company Allied Matters Act (CAMA), and that all liabilities and assets of the NNPC will be transferred to the new company.

“Coming back to the NNPC, the provision of the law clearly states that the corporation will be transformed into a CAMA company. This meaning of this is that the company will just be another privately owned company, in a sense,

“This company will pay taxes, royalties and dividends to its shareholders. This isn’t the situation today because the corporation has no such obligation. This has stalled its development, its growth and its prosperity.

“According to the new Petroleum Industry Act, a new company will be incorporated within six months . That means all assets and liabilities of the NNPC will be transferred to the new company.

“Not all of them, by the way. The bill is very clear. Some toxic assets of the corporation may not be transferred. The federation or shareholders can decide to keep some of the assets and leave some with the corporation.

“Therefore, you are going to have a much more efficient, much more slimmer, much more commercial national oil company.” Kyari said.

Read Also: PIB: Southern Governors Forum Rejects 3% Share for Host Community

Tags: Mele KyariNNPCNNPC to be Privatised in 6 monthsPIAPIB
ShareTweetSend
Previous Post

Doctors Continue Strike as Court Adjourns Case to Sept. 15

Next Post

WHO Denies Ranking Nigeria, 4th World Best in COVID-19 Response

Related Posts

News

Fuel shortage: NNPC claims to have 1.8 billion liters of gasoline on hand.

June 2, 2023
1
News

Government of Buhari Did Not Fund Subsidy For 2022 And 2023 – NNPC

June 2, 2023
1
News

[Hot] Labour order Workers to stop Operation and begin Nationwide strike on Monday

June 1, 2023
1
Business & Economy

CBN: We have not devalued the Naira

June 1, 2023
95
Governors Sworn in - 2023
News

Newly Sworn-In Nigerian Governors in Different States

May 30, 2023
7
DSS block EFCC
News

[Hot] DSS storms the EFCC office in Lagos, preventing officials from entering the structure

May 30, 2023
1
Next Post
WHO Denies Ranking Nigeria, 4th World Best in COVID-19 Response

WHO Denies Ranking Nigeria, 4th World Best in COVID-19 Response

Afghanistan: See Conditions US Gives for Taliban Govt. to be Recognized

Afghanistan: See Conditions US Gives for Taliban Govt. to be Recognized

Categories

  • Agriprenuers (12)
  • Books & Arts (7)
  • Business & Economy (444)
  • Capacity Building (25)
  • CDAs (2)
  • Community Champions (1)
  • Crime (199)
  • DEVELOPMENT (74)
  • Development Agencies (109)
  • Economy (323)
  • Education (193)
  • Entertainment (405)
  • Faith (55)
  • Finance (342)
  • Global (103)
  • Guest Columnists (17)
  • Health (59)
  • Health (245)
  • Industry (151)
  • LGAs (1)
  • Lifestyle (99)
  • MGDs (10)
  • News (2,325)
  • Politics (389)
  • Projects (2)
  • Relationships (70)
  • Security (165)
  • SMEs (15)
  • SPECIALS (89)
  • Sports (311)
  • Street Money (9)
  • Tech (138)
  • Teens World (3)
  • The Entrepreneur (26)
  • Uncategorized (74)
  • Your Community (33)
  • Youthprenuers (14)
No Result
View All Result
News
Politics
Business & Economy
Sports
Entertainment
Global

Development

Health
Education
MGDs
Development Agencies

Your Community

CDAs
LGAs
Projects
Community Champions

The Entrepreneur

Street Money
SMEs
Youthprenuers
Agriprenuers
Capacity Building

Specials

Lifestyle
Relationships
Books & Arts
Faith
Teens World
Guest Columnists

Follow Us

  • About Us
  • Contact Us
  • Terms of Usage
  • Privacy Policy
  • Advert Rates
  • Newsletters
  • Resources
  • Submit a Story
No Result
View All Result
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
  • Login

© 2020 The News Beam is the highest circulated and most read newspaper in Nigeria. The online portal of The News Beam is the most visited website in the world.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

Subscribe With The News Beam