NNPC Ltd Assets Worth $60bn, Says Kyari

The Group Chief Executive officer of the Nigerian National Petroleum Company Limited, Mele Kyari, has said the assets of the newly reformed company are worth $60 billion (about N25.27 trillion).

Kyari stated this at the Nigeria-India Business Forum held in Abuja, said a statement from NNPC Ltd.

Kyari, who was represented by the Chief Finance Officer of the company, Umar Ajiya, said Nigeria boasts of vast investment opportunities that any investor in the world can look for across the entire energy value chain.

He said, “With an asset base in excess of 60 billion dollars and with the largest gas reserves in Africa and 10th in the world, Nigeria remains a destination of choice for would-be investors.

“Our focus at @nnpclimited is on gas development. The objective is to energise Africa and other countries, including India. Most importantly, the Petroleum Industry Act (PIA) 2021, today has created an enabling environment for us to thrive as a business,” Kyari noted.

The Indian High Commissioner to Nigeria, Shri Gangadharan Balasubramanian, said Nigeria is poised to play a critical role in international affairs due to current unfolding global realities and its immense natural resources as well as its policies.

NNPC Ltd was commercialised last year in line with the PIA. The company was incorporated by the Corporate Affairs Commission (CAC) with the major holders being the Ministry of Petroleum Resources and Ministry of Finance Incorporated.

It was officially inaugurated and branded as a limited liability company by President Muhammadu Buhari on 19th July 2022.