Mele Kyari applauds fuel subsidy removal as NNPCL transforms to $8 Billion Energy giant
By: Goodluck E. Adubazi, Abuja.
The Nigerian National Petroleum Company Limited (NNPCL) has fully transitioned into a commercial oil and gas entity, now valued at $8 billion. This was announced by the Group Managing Director, Mele Kyari, during the 60th NMGS Annual International Conference and Exhibition held in Abuja on February 18, 2025.
Kyari praised the government’s decision to remove fuel subsidies, calling it “the most rational move this country has made.” He emphasized that the policy shift will positively impact both the economy and the oil and gas industry.
As a fully commercial entity, NNPCL now operates independently, free from government funding or control, and is regulated under the Companies and Allied Matters Act (CAMA) 2020. The company will declare dividends to shareholders while retaining 20% of its profits to drive business growth.
Kyari also addressed rumors of substandard PMS (Premium Motor Spirit) supplied by NNPCL. He clarified that at the time the viral videos surfaced, NNPCL had not supplied any fuel to the market.
He reaffirmed that the Standards Organization of Nigeria (SON) and other regulators are responsible for ensuring fuel quality in the country.
The 60th NMGS Annual International Conference and Exhibition – Abuja 2025, themed “Transformation of the Mineral, Energy, Water, and Construction Sectors through Innovation,” brought together key industry players, including Women in Mining and renowned academics.
Among the distinguished guests were HRH Queen Mother Amb. Amina Temitope Labinjo Ajayi JP (“Mama Diaspora”), Chairman/CEO of SV-NED Mining Company, and Professor Omar Rahaman, a scholar of great repute.
The conference was officially declared open by the Honourable Minister of Solid Minerals Development, Hon. Henry Dele Alake, who was represented by the Permanent Secretary of the Ministry, Dr. Mary Ogbe.
