The Nigerian National Petroleum Company Limited NNPC LIMITED after its unveiling announced that it would no longer remit funds to any Federation Accounts Allocation Committee (FAAC) for distribution to the three levels of government monthly.
It explained that the announcement was based on its latest change from a public corporation (Plc) to a limited liability company and that it presently, it is not owing Federation Accounts Allocation Committee money, as all the financial debts to the committee were owed by the old corporation before President Buhari declared it to be a limited liability company.
This statement came as the President of the Federal Republic of Nigeria, Major General Muhammadu Buhari (retd.), formally unveiled the Nigerian National Petroleum Company Limited and affirmed that the new body ‘NNPC LIMITED’ was from now free from any institutional regulations.
President Buhari, who made this statement at the Presidential Villa, Abuja, specified that the oil firm ‘NNPC LIMITED’ would from now on conduct itself under outstanding international business practice across the country.
But Before its official introduction as a limited liability company, the NNPC had failed to make any payment to Federal Accounts Allocation Committee ‘FAAC’ since the beginning of this year. It had regularly removed the amount it uses on fuel subsidy every month, a development that had eroded the funds which it would have remitted to the committee.
Speaking to reporters on the side-lines of the unveiling of the ’NNPC LIMITED’, Mele Kyari, the Chief Executive Officer, NNPC Limited indicated that the firm was now a private firm and has nothing to do with Federation Accounts Allocation Committee any longer.”
He also said that the oil firm would now make decisions as soon as possible, to get the best class business minded individuals across the globe, and also introduce them into the newly re-branded company ‘NNPC LIMITED’ and get its First Public Offer ready by June 2023.