The Nigerian National Petroleum Corporation has on Tuesday, transited fully into a commercial entity, becoming the Nigerian National Petroleum Company Limited.
The official transitioning into a private entity means that the oil company would be regulated in line with the provisions of the Companies and Allied Matters Act from Tuesday, with the Group Chief Finance Officer expected to bear additional tasks of ensuring the liquidity of the group as well as the efficient allocation of capital to its businesses based on returns and business relations.
Also, the Federal Government would henceforth be halting all forms of funding for projects and sundry purposes compared to what has been obtainable in the last 45 years of the NNPC.
Present at the unveiling of the NNPC Limited in Abuja, the Federal Capital Territory, is the President, Major General Muhammadu Buhari (retd.), and other notable personalities.