The Group Managing Director, NNPC, Mele Kyari, says a provision in the Petroleum Industry Act (PIA) allows individuals to buy shares in the new Nigerian National Petroleum Company Limited.
He, however, said the sales of NNPC shares will not commence immediately while speaking on a television programme on Tuesday.
Kyari said the new oil firm would have government shareholders to be represented by the ministers of finance and petroleum resources.
He added that the allocation of three percent oil companies operating expense to host communities could be higher than the 30 percent profit of oil and gas for frontier exploration.
“So, these shareholders can decide, as the law provides that over time, they can reduce the shareholding into some private shareholding. That means it can be floated subsequently as a company that is quoted on the stock exchange,” he stated.
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The NNPC GMD added, “The intention at the very onset is not to go to that step but there is a provision in the law that allows us ultimately sell shares of this company.”
On what would be the stakes of subnational governments in the new NNPC, Kyari said, “This is very simple.
“This company will pay taxes and royalties, which are revenues that accrue to the federation. So every part of this country and every subnational institution or government will benefit from it.”
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