ICSAN lauds FG on full commercialization of NNPC

President of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), Mr. Taiwo ’Gbenga Owokalade, FCIS has commended the federal government over the transition of Nigerian National Petroleum Corporation (NNPC) to Nigerian National Petroleum Company Limited (NNPCL).

It will be recalled that President Muhammadu Buhari officially unveiled NNPCL as a successor to the NNPC in Abuja on Tuesday, July 19, 2022, in deference to the provisions of the Petroleum Industry Act, 2021.

ICSAN, in a statement by her President, Mr. Taiwo ’Gbenga Owokalade, FCIS, made available to newsmen on Wednesday, said development has freed the company from institutional regulations and given it the power to conduct its affairs as a private company.

The ICSAN boss who described the transition as a positive development for Nigeria, also added that the measure would ensure greater efficiency and boost transparency in the oil and gas sector.

Owokalade said “ICSAN sees the transition of NNPC from a public corporation into a limited liability company as a positive development for the Nigeria economy. The new entity, NNPCL, is now a commercially-oriented national petroleum company with all the attributes of a thriving private enterprise.”