Chief Executive Officer (CEO) of the Nigerian National Petroleum Company Limited (NNPC), Mallam Mele Kyari, has disclosed that the state-owned oil firm will shed toxic assets this year.

He said as a result of the new legislation, 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.

Kyari also said that with the full implementation of the Petroleum Industry Act (PIA), the new legislation would provide business opportunities that will enable NNPC to earn more revenue for the country.

The CEO of the company disclosed this while addressing staff of the organisation in a townhall meeting held at the NNPC Towers, at the weekend, with staff outside the Corporate Headquarters (CHQ) participating virtually.

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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 a wide room to make progress.

According to the CEO, the PIA had put “all money-making options on the table; it is up to us to take advantage of it”.

According to the statement issued by Garba Deen Muhammad, Group General Manager, Group Public Affairs Division, 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.

TheStar