NNPCL Emerges as $8 Million Economy, NNPCL Mele kyari Commends Fuel Subsidy Removal
By:Goodluck E. Adubazi
Abuja.
The Nigerian National Petroleum Company Limited (NNPCL) has transformed into a pure commercial oil and gas industry, boasting an $8 million economy. This development was announced by the Group Managing Director, Mele Kyari, at the 60th NMGS Annual International Conference and Exhibition held in Abuja on February 18, 2025.
Mele Kyari praised the government’s decision to remove fuel subsidies, describing it as “the most rational thing this country has done.” He emphasized that this move will have a positive impact on the economy and the oil and gas industry as a whole.
As a fully commercial entity, NNPCL will operate independently, without government funding or control, and will be regulated by the Companies and Allied Matters Act 2020.
The company will declare dividends to shareholders and retain 20% of profits to drive business growth.
NNPCL’s transformation is expected to make it more competitive and attractive to global investors, ultimately positioning it as a major player in the global energy market.
The Group Managing Director, NNPCL maintained that he will not advise the country to go back to subsidy payment, however, clear the remour of the NNPCL PMS substandard supply , noted that as at the time of the videos on viral, no NNPCL supply to the market, maintained that the country has Standard Organization of Nigeria and its regulators that is saddle with the quality standards regulation.
The 60th NMGS Annual International Conference and Exhibition – Abuja 2025, with a theme : Transformation of the mineral, Energy, water and construction sectors through innovation, saw the gathering of the industry players with Women in Mining and renowned Academicians decorated , amongst many of them are, the SV-NED Mining Company, Chairman /CEO, HRH Queen Mother Amb. Amina Temitope Labinjo Ajayi JP “Mama Diaspora” and a great professor of repute,
Omar Rahaman Prof., amongst others.
by the Nigerian Mining Geosciences Society – NMGS.
The NMGS, 60th Annual international conference and Exhibition was declared open by the Honourable Minister of Solid Minerals development, Hon. Henry Dele Alake, ably represented by the permanent secretaries in the Ministry, Dr. Mary Ogbe.
