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Prepare To Become NNPC Shareholder

Prepare To Become NNPC Shareholder

Prepare To Become NNPC Shareholder

Prepare to become NNPC shareholder in 2024, Kyari tells Nigerians

The Nigerian National Petroleum Corporation’s (NNPC’s) Group Managing Director, Mele Kyari, has stated that Nigerians and interested investors will be able to become shareholders in the company within the next three years.

According to him, plans are already on the way as stipulated by the recently signed Petroleum Industry Act to issue its Initial Public Offer to investors.

The NNPC boss disclosed this on Monday during an interview on Bloomberg TV Global Financial News.

Kyari during the interview also said the signing of the PIA means NNPC would now operate in line with the Companies and Allied Act.

“Unfortunately, shares to the public would not be sold by 2022 or 2023 due to certain bottlenecks that had lingered over the years but we will be in the position to consider any IPO in three years’ time; that is the provision of the law,” he told Bloomberg TV.

“When you want to get ready for IPO, you need to do things different. You need to get your books correct; you need to recapitalise; you need to shape your portfolio and many more things that you have to do until you get IPO ready.

“Surely, it is not what we will do in 2022 or 2023; probably the earliest consideration will be in three years’ time.”

You will recall that President Muhammadu Buhari last week declared a profit of N287 billion for NNPC in 2020, with a remark of first time in 44 years.

However, a fact check by Ripples Nigeria reveals that the president’s and NNPC management’s claim of the corporation’s first profit in 44 years is false, as the corporation actually made a profit in 2017.

On the development of the profit declared, the GMD continued, “Obviously this company is changing very fast and on the fast lane. We just declared profit for the fiscal year 2020.

“We are not getting ready for the IPO tomorrow; that is not exactly, that is not the situation. IPO really means this company is going to be profitable, it has a long trajectory, it has a short-term view of how things can be done better to align with the best practice in the industry.

“We are trying to see how we can relax the existing framework for energy transition that is ongoing all over the world.

“Every country is adjusting its portfolio by doing things differently in a better way and obviously in the long run, this is going to be a very great company and great companies always go for IPO.

“So, this is not something that we are going to do tomorrow. Obviously not. Our new law has made the provision that we can sell shares of this company, but in today’s context, I really say this company is doing great and getting an IPO means that it is going to be better than what it is today.”

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Business

35 illegal tax collectors facing prosecution in Benue

The Acting Chairman of the Benue State Internal Revenue Service (BIRS), Emmanuel Agena, has revealed that 35 persons involved in illegal tax collection in the state are currently facing prosecution.

Agena announced that the agency has set an ambitious target to generate over N16 billion in revenue for the year 2024 following the successful surpassing of its N14 billion target in 2023.

Speaking to journalists on Monday, Agena expressed concern over the activities of illegal tax collectors in the state, noting that many of them were supported by influential personalities.

He stated that his administration at the BIRS had put an end to the era of patronage by politicians, aiming to significantly reduce illegal tax collection activities.

The BIRS boss also condemned a recent incident in which a truck carrying palliatives from Adamawa to Anambra State was hijacked by youths in Aliade, Gwer East.

He disclosed that three suspects have been arrested in connection with the incident.

“A truck was intercepted and the driver beaten while the windscreen of the vehicle broken and over N200,000 was stolen.

“Three persons have been arrested and are in police custody. They will be moved to DSS for thorough investigation.

“We aim to flush out or reduce illegal tax collectors to the barest minimum. Already, 35 people who engaged in illegal tax collection were arrested and facing prosecution.

“This has been a big challenge. We have constituted a team headed by the director of Tax collection. Prominent people in the state are involved in encouraging these boys,” he stated.

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Business

Nigeria’s Inflation rate hits 33.20% in March- NBS

The National Bureau of Statistics NBS says Nigeria’s inflation rate jumped to 33.20% in March 2024 compared to February 2024 headline inflation rate which was 31.70%.

A report released by the NBS on Monday, April 15, reads

“Looking at the movement, the March 2024 headline inflation rate showed an increase of 1.50% points when compared to the February 2024 headline inflation rate.

“On a year-on-year basis, the headline inflation rate was 11.16% points higher compared to the rate recorded in March 2023, which was 22.04%. On a month-on-month basis, the headline inflation rate in March 2024 was 3.02%, which was 0.10% lower than the rate recorded in February 2024 (3.12%).

“This means that in the month of March 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in February 2024.”

 

The inflation report by the NBS followed the hike of Nigeria’s interest rate from 22.75% to 24.75% by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).

The March inflation rate was released at a time when measures by the apex bank to strenghten the naira against foreign exchange have seen some positive results.

The naira has appreciated against the dollar in recent weeks, gaining over 40%, from about N1,900/$ to about N1,100/$1 now.

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NAFDAC seals popular Supermarket in Ibadan

The National Agency for Food and Drug Administration Control (NAFDAC) has sealed a popular groceries and cosmetics supermarket, Pinnacle in Dugbe area of Ibadan over sale of fake products.

The supermarket, usually a beehive of activities was now a shadow of itself as the gate leading to the premises was shut with an inscription directing customers to its branch at Challenge.

Management of the supermarket cited technical issues as reason for its closure.

An inside source who pleaded for anonymity however revealed that problem started on Tuesday, 2nd April , 2024 when NAFDAC surveillance team stormed the mall to enforce total shutdown of the premises, thereby forcing shoppers out of the supermarket.

“The NAFDAC team came inside the mall and told us to close, even though people were many inside who wanted to do shopping but they couldn’t because the technical issue started and they all went away in disappointment”, the source said.

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