The Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPC Ltd), Malam Mele Kyari, has said with the new status of the company, it will no longer no longer make remittance to the Federation Accounts Allocation Committee (FAAC) for sharing to the three tiers of government monthly.
He also said the company no longer had a hand in subsidy payment for petroleum products.
He said it was now an issue of the state.
Kyari made this known at a media chat after the Presidential unveiling of the New NNPC Limited at the Presidential Villa, Abuja.
This is even as he said all monetary arrears to the FAAC were owed by the old corporation and not the new oil company.
Responding to a question on what would happen to NNPC’s monthly FAAC contributions, Kyari said, “We are now a private company; would MTN go to FAAC?”
“We will pay our taxes, royalties and deliver dividends to our shareholders,” he added.
On subsidy, he stated “Whatever is the decision and policy of the state, the NNPC is there to deliver commercial value to the customer at the price that the state wants,” he said.
He said the company’s huge asset base will be disclosed soon in view of its current status.
According to him, the organisation’s structure would also be changed so as to get different results while more competencies would be embraced.
“We now have a smarter, more responsive and more accountable company that must act within the premises of all the regulations that are accountable for private companies.
“We must also meet the standards for best practices in the industry, in terms of governance and make sure that all regulations are applied.
“We must ensure that we deliver back to back to all our stakeholders,” Kyari said.
Kyari said that its value would translate in two forms:ensuring dividends and delivering energy being longed by shareholders.
He said the new company was in the position to achieve both mandates because it was now an enabling company that could act quickly and can also make decisions quickly.
He said that by the middle of 2023, the company would be having systems, processes, line of profitability and accountability to stakeholders.
