President of the Institute of Chartered Secretaries and Directors of Nigeria (ICSAN), Mr. Taiwo ’Gbenga Owokalade, FCIS has counseled the federal authorities over the transition of Nigerian Nationwide Petroleum Company (NNPC) to Nigerian Nationwide Petroleum Firm Restricted (NNPCL).
Will probably be recalled that President Muhammadu Buhari formally unveiled NNPCL as a successor to the NNPC in Abuja on Tuesday, July 19, 2022, in deference to the provisions of the Petroleum Business Act, 2021.
ICSAN, in an announcement by her President, Mr. Taiwo ’Gbenga Owokalade, FCIS, made out there to newsmen on Wednesday, mentioned improvement has freed the corporate from institutional rules and given it the facility to conduct its affairs as a non-public firm.
The ICSAN boss who described the transition as a constructive improvement for Nigeria, additionally added that the measure would guarantee better effectivity and enhance transparency within the oil and gasoline sector.
Owokalade mentioned “ICSAN sees the transition of NNPC from a public company right into a restricted legal responsibility firm as a constructive improvement for the Nigeria economic system. The brand new entity, NNPCL, is now a commercially-oriented nationwide petroleum firm with all of the attributes of a thriving personal enterprise.”