NNPC overhaul cash call payments, put JV stakes’ sale on hold

*NNPC Towers, Central Business District, Garki, Abuja

Lagos - Nigeria’s state-owned oil firm, NNPC, has said it is suspending some “ambitious” proposals, including reducing its stakes in the already existing upstream joint ventures deals, and changing the way it pays its part of the cash calls.

In its first interview with Reuters since his assumption of office, NNPC’s GMD, Mallam Mele Kyari said although the federal government still wants to sell its stakes to than 40 percent, however, there was currently no framework in place for the sales and cash payment change.