The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Mele Kyari says the state-owned oil company will cease to exist within the next six months.
According to him, a new company that will be known as “a CAMA Company” will be incorporated and operate under the Company Allied Matters Act.
Mr Kyari stated this on Monday when he featured on ARISE Newsnight and noted that by the virtue of the Petroleum Industry Act all liabilities and assets of the NNPC will be transferred to the new company.
He also noted that there will be a transition framework that will ensure the smooth shift from the present state to the new company as prescribed by the Act.
