Stakeholders have expressed cautious optimism as the Nigerian National Petroleum Company Limited (NNPC) transits today; insisting that most of the entities under the companies are still loss making sub-subsidiaries.
Going by the Petroleum Industry Act (PIA), NNPC had on July 1, 2022; legally transformed into a company that will regulate under the Companies and Allied Matters Act (CAMA).
While President Muhammadu Buhari expect to today officially unveil the NNPC; stakeholders are insistent that the move should bring an end to arbitrariness, heavy-handed government control, and wasteful practices.
An energy expert, Henry Adigun, says that the company is currently keeping thousands of redundant staff; especially those in the refineries. He stated that though the company is transiting; months of transition mode did not address the loss making entities in the company.
-Guardian.
https://guardian.ng/news/stakeholders-express-cautious-optimism-as-nnpc-transits/