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ICSAN lauds FG on NNPCL unveiling

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 The Institute of Chartered Secretaries and Administrators of Nigeria ICSAN has lauded the Federal Government for unveiling the Nigerian National Petroleum Company Limited NNPCL as a new entity The News Agency of Nigeria reports that President Muhammadu Buhari on July 19 unveiled NNPCL as a successor to the Nigerian National Petroleum Company NNPC in deference to the provisions of the Petroleum Industry Act 2021 ICSAN President Mr Gbenga Owokalade who described the development as a positive one said it has freed the NNPC from institutional regulations and given it the power to conduct its affairs as a private company Owokalade said that development would ensure greater efficiency and boost transparency in the oil and gas sector The new entity NNPCL is now a commercially oriented national petroleum company with all the attributes of a thriving private enterprise As a leading professional institute on corporate governance and public administration we applaud the vision behind this structural substitution of the NNPC with NNPCL which is to ensure greater efficiency and transparency in the oil exploration and distribution system We believe the new entity is more structurally poised and organically well adjusted to provide a pivotal role for the sector This transition to a private company will enable the company to be more value driven and its operations more inclined to conform to international best practices This is a very laudable development and we comment on it for the positive implications it portends for the energy sector and the nation s economy in general He advised the management of the NNPCL to ensure that the principles of corporate governance are well entrenched in the new entity for the company to fully reap the benefits of its emergence as a private company He reiterated the need for an adequate framework of risk management and control system within the new entity NNPCL Furthermore proper checks and balances must be built into the system to ensure effective operation and efficiency of the company is not at any time compromised he said NewsSourceCredit NAN
ICSAN lauds FG on NNPCL unveiling

Institute of Chartered Secretaries and Administrators of Nigeria

The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), has lauded the Federal Government for unveiling the Nigerian National Petroleum Company Limited (NNPCL) as a new entity.

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News Agency

daily trust nigerian newspaper

The News Agency of Nigeria reports that President Muhammadu Buhari on July 19 unveiled NNPCL as a successor to the Nigerian National Petroleum Company(NNPC) in deference to the provisions of the Petroleum Industry Act, 2021.

daily trust nigerian newspaper

Gbenga Owokalade

ICSAN President, Mr Gbenga Owokalade, who described the development as a positive one, said it has freed the NNPC from institutional regulations and given it the power to conduct its affairs as a private company.

Owokalade said that development would ensure greater efficiency and boost transparency in the oil and gas sector.

“The new entity, NNPCL is now a commercially-oriented national petroleum company with all the attributes of a thriving private enterprise.

“As a leading professional institute on corporate governance and public administration, we applaud the vision behind this structural substitution of the NNPC with NNPCL, which is to ensure greater efficiency and transparency in the oil exploration and distribution system.

“We believe the new entity is more structurally poised and organically well-adjusted to provide a pivotal role for the sector.

“This transition to a private company will enable the company to be more value-driven and its operations more inclined to conform to international best practices.

“This is a very laudable development and we comment on it for the positive implications it portends for the energy sector and the nation’s economy in general.

He advised the management of the NNPCL to ensure that the principles of corporate governance are well-entrenched in the new entity for the company to fully reap the benefits of its emergence as a private company.

He reiterated the need for an adequate framework of risk management and control system within the new entity, NNPCL.

“Furthermore, proper checks and balances must be built into the system to ensure effective operation and efficiency of the company is not at any time compromised,” he said.

NewsSourceCredit: NAN

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