The President, Major General (retd.) Muhammadu Buhari, on Tuesday officially unveiled the Nigerian National Petroleum Company Limited, saying that the new company would henceforth be free from institutional regulations.
Buhari, who made this known at the Presidential Villa in Abuja, said the oil company would follow best international business practices.
He said, “The provisions of the PIA (Petroleum Industry Act) 2021 have given a new impetus to the Nigerian petroleum industry with an improved fiscal framework, transparent governance, strengthened regulation and the creation of a commercially oriented and independent national petroleum company that will operate without government funding and free from institutional regulations such as the Treasury Single Account, Government Procurement and Fiscal Responsibility Acts.
“It will, of course, be guided by best international business practices in terms of transparency, corporate governance and economic viability.
The president said the government is transforming the petroleum industry to strengthen its capacity and market relevance to current and future global energy priorities.
“As luck of history would have it, I was privileged to preside over the establishment of the Nigerian National Petroleum Corporation on July 1, 1977. Forty-four years later, I was again privileged to sign the Petroleum Industry Act in 2021, which heralded the long-awaited reform of our petroleum sector,” he said.
On July 1, 2022, I approved the transfer of assets from the Nigerian National Petroleum Corporation to its successor company, the Nigerian National Petroleum Company Limited, and directed the implementation that led to the creation of Africa’s largest national oil company today,” he continued.
“I thank Almighty God for choosing me to play a major role in shaping the destiny of our national oil company – from good to great.
“NNPC Limited will operate as a commercial, independent and viable NOC on par with its peers around the world to deliver sustainable value to its over 200 million shareholders and the global energy community while adhering to its fundamental corporate values of integrity, excellence and sustainability.”
He said NNPC Limited has a statutory mandate to ensure Nigeria’s national energy security to support sustainable growth in other sectors of the economy while providing energy to the world.
“It is therefore my distinct honor and privilege to inaugurate NNPC Limited on this historic day, July 19, 2022, with the aim of becoming a dynamic global energy company of choice, delivering energy for today, for tomorrow and for the day after tomorrow,” Buhari said.