The Nigeria National Petroleum Corporation (NNPC) has been transformed into a limited liability company which operations would now fall within the provisions of the Companies and Allied Matters Act, 1990 as amended.
The new status was reflected in a report of the Senate joint Committee on Downstream Petroleum Sector; Petroleum Resources (Upstream) and Gas in Abuja on Thursday.
The report dealt with an act to provide legal, governance, regulatory and fiscal framework for the Nigerian Petroleum Industry; the development of host communities and for other related matters.
The report recommended a bill that segmented the Petroleum Industry into three; “Upstream, Midstream and Downstream.”
The report took cognizance of the commercial viability of the sector which it said was confirmed after stakeholders’ engagements.
“The joint committee after several engagements streamlined the regulatory and commercial role of the Commission.
“The Bill when passed into law will strengthen the accountability and transparency of NNPC Limited as a full-fledged CAMA company under statutory/regulatory oversight, with better returns to its shareholders and to the Nigerian people.”