Buhari’s Aide Explains The Transition Of NNPC, Says It Is Not Sold | READ DETAILS

The aide to President Muhammdu Buhari on Digital and New Media, Tolu Ogunlesi has clarified speculations that the Nigerian National Petroleum Company Limited (NNPC), LTD have been sold by the Federal Government.

President Buhari on Tuesday, July 19, 2022, unveiled the New NNPC Assets, Balance Sheet and Brand Identity in Abuja.

Following the unveiling of the transition, there were speculation that the Company has been sold.

Clarifying, Ogunlesi on his Twitter handle explained that the NNPC Group only transited to a Limited Liability Company incorporated under Companies and Allied Matters Act (CAMA).

Ogunlesi in a series of threads wrote;

“The new NNPC is not a “private” entity. It’s now a Limited Liability Company (incorporated under CAMA, and subject to it), that is still 100% Government owned (for now).

NNPC has not been ‘SOLD’, please. It is still wholly owned by Govt. What has happened is a TRANSITIONING from a Government ‘Parastatal’, into a commercially-run Limited Liability Company (still wholly owned by Govt of Nigeria,on behalf of the people of Nigeria), governed by CAMA.

NNPC will NOT be sold to friends and family.

With the signing by PMB of the PIB into PIA, on August 16, 2021, NNPC has transitioned into a Limited Liability Company, to be known as

@nnpclimited

, incorporated under CAMA, and expected to be a commercially-run company that will declare dividends to its shareholders