Buhari Unveils New NNPC Following Petroleum Industry Act

President Muhammadu Buhari has unveiled the new Nigeria National Petroleum Company Limited (NNPC Limited) following the signing of the Petroleum Industry Act.

According to a press release signed on behalf of the president by his Special Adviser on Media and Publicity, Femi Adesina, the president said Africa’s Largest National Oil Company (NOC) would support sustainable growth across other sectors of the company as it delivers energy to the world.

The new NNPC limited would deliver value to its over 200 million shareholders and the global energy community; operate without relying on government funding and will be free from institutional regulations such as the Treasury Single Account (TSA).

President Buhari at the unveiling event said God has used him to play an important role in shaping the destiny of the country’s NOC in the last 45 years.

“I therefore thank Almighty God for choosing me to consistently play an important role in shaping the destiny of our National Oil Company from good to the great,” he said

Speaking further on this, he said, ” Our country places high premium in creating the right atmosphere that supports investment and growth to boost our economy and continue to play an important role in sustaining global energy requirements.

” We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities.

” By chance of history, I was privileged to lead the creating of the Nigerian National Petroleum Corporation on the 1st July 1977. Forty-Four (44) years later, I was again privileged to sign the Petroleum Industry Act (PIA) in 2021, heralding the long-awaited reform of our petroleum sector.

“The provisions of PIA 2021, have given the Nigerian petroleum industry a new impetus, with 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.

‘‘It will, of course, conduct itself under the best international business practice in transparency, governance and commercial viability.

‘‘Coincidentally, I, on the 1st of July 2022 authorized 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.”

Nigeria’s Minister of state of Petroleum, Timpire Sylvia said this is a landmark achievement and victory for Nigeria alongside the signing of the Petroleum industry Bill.

“Nigeria lost $50 billion worth of investments waiting for PIA to sign, as Nigeria got only 4% of Oil and gas investments between 2015-2019. We are setting all this woes behind us and a clear path ahead of us.

“PIA assures Oil and gas companies of protection of investments” he added.

The minister added that the transition of NNPC of into a fully Limited entity, will operate as profitable commercial entity and show capacity and accountability.

“Today, I have no doubt that the leadership of this brand new company is super charged to meet the high expectations.

“Coming at a time moving towards gas as cleaner fuel, we cannot be happier and more excited, This development has demonstrated placing Nigerian oil and gas on path of growth, profitability and prosperity.”

Facebook Comments Box