{"id":72127,"date":"2021-08-17T12:49:13","date_gmt":"2021-08-17T11:49:13","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=72127"},"modified":"2021-08-17T12:53:05","modified_gmt":"2021-08-17T11:53:05","slug":"pia-why-nnpc-will-cease-to-exist-within-six-months-says-kyari","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/08\/17\/pia-why-nnpc-will-cease-to-exist-within-six-months-says-kyari\/","title":{"rendered":"PIA: Why NNPC will cease to exist within six months, says Kyari"},"content":{"rendered":"<p>The federal government has stated that the Nigerian National Petroleum Corporation (NNPC) will cease to exist within the next six months as specified by the Petroleum Industry Act (PIA).<\/p>\n<p>This was stated by the group managing director of NNPC, Mele Kyari while speaking with Arise TV on Monday.<\/p>\n<p>Kyari said the national oil company would be transformed into a private company that would pay taxes and dividends to its shareholders.<\/p>\n<p>He said the new company would be incorporated under the Company Allied Matters Act <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/08\/10\/nnpc-makes-new-appointments-redeploys-staff\/\">(CAMA)<\/a>.<\/p>\n<p>President Muhammadu Buhari on Monday signed the Petroleum Industry Bill (PIB) into law.<\/p>\n<p>Kyari explained that all liabilities and assets of the NNPC will be transferred to the new company.<\/p>\n<p>He noted that some toxic assets may be excluded.<\/p>\n<p>\u201cComing back to the <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/08\/17\/set-up-filling-stations-in-neighbouring-countries-to-tackle-petrol-smuggling-customs-to-nnpc\/\">NNPC<\/a>, 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,\u201d Kyari said.<\/p>\n<p>\u201cThis company will pay taxes, royalties and dividends to its shareholders. This isn\u2019t the situation today because the corporation has no such obligation. This has stalled its development, its growth and its prosperity.<\/p>\n<p>\u201cAccording 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.<\/p>\n<p>\u201cNot 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.<\/p>\n<p>\u201cTherefore, you are going to have a much more efficient, much more slimmer, much more commercial national oil company.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The federal government has stated that the Nigerian National Petroleum Corporation (NNPC) will cease to exist within the next six months as specified by the Petroleum Industry Act (PIA). This was stated by the group managing director of NNPC, Mele Kyari while speaking with Arise TV on Monday. Kyari said the national oil company would [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":72130,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[3646,1193,15995,4881],"class_list":["post-72127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-mele-kyari","tag-nnpc","tag-petroleum-industry-act-pia","tag-pib"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>PIA: Why NNPC will cease to exist within six months, says Kyari<\/title>\n<meta name=\"description\" content=\"The federal government has stated that the Nigerian National Petroleum Corporation 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