Chief Executive Officer of the
A statement by Group General Manager,
Sections 55 and 56 of the PIA provides the process of transition from NNPC to
The entity was incorporated in
Despite declaring a profit of N287 billion in 2020, as announced in the Audited Financial Statement (AFS) last year, NNPC has liabilities exceeding current assets by N4.56 trillion, up by N200 billion from the figure in 2019, when it declared a loss of N1.7 billion.
The AFS showed that NNPC had total current assets of N6.258 trillion and total current liabilities of N10.818 trillion as at year-end 2020, hence the gap flagged by the auditors. When total assets are deducted from its total liabilities, NNPC has a deficit of N4.56 trillion.
A quick check further showed that the biggest contributors to the current liabilities were trade and other payables.
But speaking at the meeting, Kyari told his audience that part of the plans of the new entity in the New Year was to do away with the high liabilities.
The statement further quoted Kyari as saying that the commencement of full implementation of PIA would provide business opportunities that would enable the company earn more revenues for the country.
At the meeting, which saw staff outside the corporate headquarters participating virtually, the NNPC CEO highlighted the significance of the PIA to the company and by extension the Nigerian economy.
According to him, the new legislation has raised shareholders' expectations of the company, even as it has given it a wide room to make progress.
"All money-making options are on the table; it is up to us to take advantage of it," he told the company's staff.
Kyari added, "As a result of the new legislation,
He charged employees of the organisation to ensure the company becomes a commercially viable multi-billion-dollar entity that will continuously deliver value to its shareholders, which he said were the over 200 million Nigerians.
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