The PIA had been in the works for 20 years and now provides the legal, fiscal and regulatory framework for the petroleum industry.
The NNPC was incorporated as a limited liability company with the Corporate Affairs Commission (CAC) in September 2021 – fulfilling the mandate to be incorporated within six months of the PIA – and floated with N200bn ($475m) initial capital by the ministries of petroleum and finance.
The company’s operations and governance, like other private or commercial organisations, are now to be guided by the Companies and Allied Matters Act (CAMA), which was also signed into law in 2020. The transition is hoped to be a critical departure from the corporation’s bureaucratic, opaque and non-profitable past.
“It will unlock enormous value in our oil and gas sector for the benefit of the Nigerian economy and its citizens,” says Muda Yusuf, CEO of the Centre for the
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