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What To Know About New NNPC Ltd

Published

2 years ago

July 20, 2022

Editor

President Muhammadu Buhari on Tuesday unveiled the new Nigerian National Petroleum Company Limited in Abuja.

The new NNPC has been described as a child of the Petroleum Industry Act, passed into law in 2021. In September 2021, the Corporate Affairs Commission completed the incorporation of the new company.

Here are 10 interesting facts you need to know about the new NNPC Ltd:

1- Section 53(1) of the PIA 2021 requires the Minister of Petroleum Resources to cause the incorporation of the NNPC Limited within six months of the enactment of the Act in consultation with the Minister of Finance on the nominal shares of the company.

2- What this means is that with the transition, the government will no longer have control over the staffing of the NNPC.

3- Section 53 (5) of the Act stipulates that shares of the company held by the government are not transferable or mortgaged unless approved by the government and the National Economic Council.

4- With the NNPC Limited coming on board, the new company will not concern itself with issues of petrol price determination, and subsidy.

5- The new NNPC will no longer remit into the Federal Account Allocation Committee. This invariably means no more money to be shared by state governors.

6- Sector 54(9) provides that the initial capitalisation of the NNPC Limited will not be less than its financial requirements to effectively discharge its commercial duties and deal with its obligations and liabilities transferred to it.

7- Following the transition of the NNPC Ltd to a commercial entity, it is believed the Federal Government will put an end to funding the oil firm’s projects as was obtainable since it was established in 1977.

8- The PIA also mandates the NNPC Ltd to conduct its affairs on a commercial basis in line with the Companies and Allied Matters Act. According to the law, the company will run on a commercial basis in a profitable and efficient manner without recourse to government funds. It shall declare dividends to shareholders and retain 20 percent of profits as retained earnings to grow its business.

9- Apart from profit-seeking, NNPC Limited is expected to operate above board by mandatorily making disclosures for every financial year.

10- It is expected that NNPC Limited may decide to go public later in future.

Headline

JUST IN: One Dead, Many Injured As Deadly Turbulence Hit Singapore-bound Plane

Published

7 hours ago

May 21, 2024

Editor

One person died and multiple people were injured on a Singapore Airlines flight that experienced “severe turbulence” while heading from London to Singapore before it was diverted to Bangkok on Tuesday, the company said.

“We can confirm that there are injuries and one fatality on board the Boeing 777-300ER. There were a total of 211 passengers and 18 crew on board,” the airline said on Facebook.

The PUNCH reports that the airline also on its X account, #SingaporeAir, confirmed the incident.

It posted, “Singapore Airlines flight #SQ321, operating from London (Heathrow) to Singapore on 20 May 2024, encountered severe turbulence en-route.

“The aircraft diverted to Bangkok and landed at 1545hrs local time on 21 May 2024. We can confirm that there are injuries and one fatality on board the Boeing 777-300ER. Singapore Airlines offers its deepest condolences to the family of the deceased.

“Our priority is to provide all possible assistance to all passengers and crew on board the aircraft. More details at https://bit.ly/4bLqfCF. Regular updates will be provided on our Facebook and X accounts.”

The airline added that it was working with Thai authorities to provide medical assistance to passengers, and was sending a team to Bangkok to provide any additional assistance needed.

Turbulence during a flight refers to the irregular or unpredictable movement of air that causes the aircraft to experience sudden, erratic motions.

It is a common occurrence and can range from mild bumps to severe jolts.

Details later

Headline

Iran President Had ‘Lot Of Blood On His Hands’ – White House

Published

22 hours ago

May 20, 2024

Editor

Iran President Ebrahim Raisi had a “lot of blood on his hands”, the White House said on Monday despite Washington offering condolences after his death in a helicopter crash.

“This was a man who had a lot of blood on his hands,” National Security Council spokesman John Kirby told reporters, saying Raisi was responsible for “atrocious” rights abuses in Iran and had supported regional proxies including Hamas.

Kirby said, however, that “as in any other case, we certainly regret in general the loss of life and offered official condolences as appropriate.”

Earlier, Iran’s supreme leader, Ayatollah Ali Khamenei, announced on Monday five days of mourning for President Ebrahim Raisi who died in a helicopter crash.

“I announce five days of public mourning and offer my condolences to the dear people of Iran,” said Khamenei in an official statement a day after the death of Raisi and other officials in the crash in East Azerbaijan province.

Headline

Iran Gets Interim President After Raisi’s Death

Published

1 day ago

May 20, 2024

Editor

Iran’s supreme leader Ayatollah Ali Khamenei assigned vice president Mohammad Mokhber to assume interim duties after the death of president Ebrahim Raisi in a helicopter crash a day earlier.

“In accordance with Article 131 of the constitution, Mokhber is in charge of leading the executive branch,” said Khamenei in a statement, adding that Mokhber will be required to work with the heads of legislative and judicial branches to prepare for presidential elections “within a maximum period of 50 days”.

Recall that President Raisi was confirmed dead on Monday after his helicopter crashed in a mountainous region of the country.

Raisi was travelling with Foreign Minister Hossein Amir-Abdollahian who also died in the accident.

Rescue teams had been scouring the area since Sunday afternoon after a helicopter carrying Raisi, the foreign minister and other officials had gone missing.

Early Monday, relief workers located the missing helicopter, with state TV saying the president had died.

“The servant of Iranian nation, Ayatollah Ebrahim Raisi has achieved the highest level of martyrdom whilst serving the people,” state television said Monday, with Mehr news agency also saying he was dead.

State television broadcast photos of Raisi, with the voice of a man reciting the Koran playing in the background.

Iran’s vice president for executive affairs Mohsen Mansouri posted on X a Koranic verse used to express condolences.

Meanwhile, Iran’s supreme leader Ayatollah Ali Khamenei has announced a five days of mourning for President Raisi.

“I announce five days of public mourning and offer my condolences to the dear people of Iran,” said Khamenei in an official statement a day after the death of Raisi and other officials in the crash in East Azerbaijan province.