Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Mele Kyari has said within the next six months the Nigerian owned oil company will cease to exist and a new company that will be known as “a CAMA Company” will be incorporated and operate under the Company Allied Matters Act.
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Mr Kyari stated this on Monday when he featured on ARISE Newsnight and noted that by the virtue of the Petroleum Industry Act all liabilities and assets of the NNPC will be transferred to the new company.
He also noted that there will be a transition framework that will ensure the smooth shift from the present state to the new company as prescribed by the Act.
With the imminent unbundling of the NNPC, Mr Kyari addressed issues as it relates to whether he has lost his job. He also spoke on the three per cent revenue allocation to the host communities describing the allotted funds as more than the entire funds of the Niger Delta Development Commission.
Watch the interview for more.