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Petroleum Industry Act: Govt can sell NNPC shares to individuals, says Kyari

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There is provision in the Petroleum Industry Act that gives room for individuals to acquire stakes in the new Nigerian National Petroleum Company Limited, the Group Managing Director, NNPC, Mele Kyari, said on Tuesday.

Kyari stated that though this would not happen immediately, the major shareholders of the new NNPC were allowed in the PIA to sell shares of the national oil firm to private individuals.

On the transformation of NNPC from a statutory corporation to a limited liability company, Kyari said the new oil firm would have government shareholders to be represented by the ministers of finance and petroleum resources. The NNPC boss added, “The intension at the very onset is not to go to that step but there is provision in the law that allows us ultimately to sell shares of this company.”

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