President Muhammadu Buhari has unveiled the new Nigerian National Petroleum Company (NNPC) Limited.
At the inauguration at the State House Conference Centre, the President said the oil company would support sustainable growth in Nigeria as it delivers energy to the world.
President Buhari recounted how God had used him to play a role in shaping the destiny of the national oil company in the last 45 years.
‘‘This is a landmark event for the Nigerian oil industry,” he said.
‘‘Our country places a high premium on 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 creation of the Nigerian National Petroleum Corporation on July 1, 1977. 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.”
According to him, the provisions of the PIA 2021 have given the Nigerian petroleum industry an improved fiscal framework, transparent governance, enhanced regulation, and the creation of a commercially-driven and independent National Oil Company (NOC).
President Buhari was optimistic that the NNPC Limited would sustainably deliver value to its over 200 million shareholders and the global energy community; operate without relying on government funding and be free from institutional regulations such as the Treasury Single Account (TSA).
‘‘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 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,’’ he added.
The Group Chief Executive Officer of NNPC Limited, Mele Kyari, announced that the company will grow its fuel retail outlets from 547 to over 1500 within the next six months.