By Elizabeth Adegbesan

THE Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN),  has lauded the Federal Government for unveiling the Nigerian National Petroleum Company Limited (NNPCL), saying that it will boost transparency in the oil and gas sector of the country.

The President, ICSAN, Mr. Taiwo ’Gbenga Owokalade, FCIS, described the development as a positive one for the Nigerian economy. 

He stated: “ICSAN sees the transition of NNPC from a public corporation into a limited liability company as a positive development for the Nigeria economy. The new entity, NNPCL is now a commercially-oriented national petroleum company with all the attributes of a thriving private enterprise.

“As a leading professional Institute on Corporate Governance and Public Administration, we applaud the vision behind this structural substitution of the NNPC with NNPCL, which is to ensure greater efficiency and transparency in the oil exploration and distribution system.”