Buhari Unveils NNPC Limited, Says It Will Guarantee National Energy Security
President Muhammadu Buhari has unveiled the Nigerian National Petroleum Company Limited.
At the unveiling ceremony he assured that the new company will guarantee energy security in the country.
Buhari, who was accompanied by the Senate President, Ahmad Lawan, Speaker of the House of Representatives, Femi Gbajabiamila among other dignitaries at the State House Conference Centre in Abuja, described the NNPC Limited as the largest national oil company in Africa.
He said the new enterprise would also support sustainable growth across other sectors of the economy as it delivers energy to the world.
“We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities,” the President was quoted as saying in a statement by his spokesman, Femi Adesina.
The President also said NNPC Limited will 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).”
He assured stakeholders in the industry that Africa’s largest NOC will adhere to its fundamental corporate values of Integrity, Excellence and Sustainability while operating as a commercial, independent and viable NOC at par with its peers around the world.
According to him, the company will focus on becoming a dynamic global energy company of choice to deliver energy for today, for tomorrow, and for the day days after tomorrow.
“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 creation of the Nigerian National Petroleum Corporation on the 1st July 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.
“The provisions of PIA 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.
“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 said.
The Minister of State for Petroleum Resources, Timipre Sylva, said with the signing of the PIA, which assures international and local oil companies of adequate protection for their investments, the nation’s petroleum industry “is no longer rudderless.”