Mkpoikana Udoma
Port Harcourt — The Nigerian Gas Association has hailed the recent transformation of the Nigerian National Petroleum Corporation into a full business entity.
Recall that the Nigerian National Company Limited has officially transited into a private entity that would be regulated in line with the provisions of the Companies and Allied Matters Act.
With the commercialization, NNPC Ltd. is expected to operate transparently, independently and productively as any other profit maximization venture, that would declare dividends for shareholders, and also pay tax and royalties to the government.
Speaking, NGA said experts in the energy sector have long advocated for the privatization of the public-owned behemoth to increase its efficiency and separate its regulatory, revenue generating, and oil production components.
The National Publicity Secretary of NGA, Odianosen Masade, speaking in a live television interview, stressed the need for proper implementation of the new policy without jettisoning proposed changes during operations.
“The idea is for the entity to become profitable. With privatization, the NNPC will be relieved of all the burdens of government control and become autonomous.
“The NNPC can now be listed on the Stock Exchange, secure investments and generate more revenue for the country,” Masade said.
Masade, who is the Corporate Communications Lead, Eroton Exploration & Production Company, also analysed some of the socio-economic and political issues shaping the global energy situation.
These issues, according to the NGA Scribe, include the Russia-Ukraine conflict, the controversial visit of US House Speaker, Nancy Pelosi to Taiwan, and the latest meeting of the OPEC+.
“The meeting was held against the backdrop of the war in Ukraine, which has led to a global energy crisis with the limits placed on Russian fossil fuels. US has already earlier called on Saudi Arabia to pump out more oil to fill in the gap.
“While the cartel (OPEC), is under obligation to protect its members including Nigeria, the current reality indicates that outcome will be shaped by the decisions of the big global players such as the US, Russia and Saudi Arabia,” said Masade.
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