The Minister of State for Petroleum Resources, Timipre Sylva says the Nigerian National Petroleum Corporation, NNPC will cease to exist within the next six months transforming into a commercial company.
According to him, a new company that will be known as “a CAMA Company” will be incorporated and operate under the Company Allied Matters Act.
This followed the signing of the Petroleum Industry Bill into law by President Muhammadu Buhari on Monday.
Mr Sylva, who was speaking at a press conference in Abuja, said a transitional committee is already in place to incorporate NNPC Limited.
All shares in NNPC Limited are expected to be vested in the government at incorporation and held by the Ministry of Finance.
Mr Sylva noted that although the new petroleum act has deregulated the oil sector, subsidy policies will remain in place till further notice.
He said an implementation framework for actual deregulation will be established to mitigate the impact on ordinary Nigerians
