The President of the federal republic of Nigeria, Muhammadu Buhari, has officially unveiled the Nigerian National Petroleum Company Limited and has declared the new entity is free from institutional regulations henceforth.
The President made this public at the Presidential Villa at Abuja where he said that “The provisions of PIA (Petroleum Industry Act) 2021, have given the Nigerian petroleum industry a new impetus, with an improved fiscal framework, transparent governance, enhanced regulation, and the creation of a commercially-driven and independent national oil company that will operate without relying on government funding and free from institutional regulations such as the Treasury Single Account, Public Procurement, and Fiscal Responsibility Acts”.
He said the government was transforming the petroleum industry to strengthen its capacity and market relevance for current and future global energy priorities.
He further stated that the oil firm would conduct itself under best international business practices. “It will, of course, conduct itself under the best international business practice in transparency, governance, and commercial viability.”
Remember that President Buhari was among those who lead the creation of the Nigerian National Petroleum Corporation on the July 1, 1977 and Forty-Four years later, he has again been privileged to sign the Petroleum Industry Act in 2021, heralding the long-awaited reform of our petroleum sector.
“It is, therefore, my singular honour and privilege on this historic day of July 19, 2022, to unveil the NNPC Limited, with a focus on becoming a dynamic global energy company of choice to deliver energy for today for tomorrow, for the day days after tomorrow,” Buhari stated
The President further stated that coincidentally, “he on July 1, 2022, authorised the transfer of assets from the Nigerian National Petroleum Corporation to its successor company, the Nigerian National Petroleum Company Limited, and steered the implementation leading to the unveiling of Africa’s largest national oil company today.
President Buhari therefore, thank Almighty God for choosing him to consistently play an important role in shaping the destiny of the national oil company from the good to the great.
“NNPC Limited will operate as a commercial, independent, and viable NOC at par with its peers around the world to sustainably deliver value to its over 200 million shareholders and the global energy community while adhering to its fundamental corporate values of integrity, excellence, and sustainability.” Present at the unveiling was the NNPC CEO Mele Kyari, NNPC board chairman Margery Chuba okadigbo and the minister of state petroleum