President Buhari unveils new NNPC Limited, credits development to PIA
… New venture to attract over 200 millions of stakeholders to sector
By Gloria Akudoro, Abuja
The President of Nigeria, Muhammadu Buhari on Tuesday officially launched the new Nigerian National Petroleum Company Limited (NNPCL) to the world, crediting the latest development one of the provisions of the Petroleum Industrial Act (PIA).
According to Mr President, the provision of PIA has indeed given the Nigerian petroleum industry a new impetus with improved physical framework, transparent governance and hands-on regulation as well as creation of commercially driven and independent national oil companies that will operate without relying solely on government funding.
The rebirth of the new NNPC Limited which took place at the Corporation Building in Abuja, has its slogan ‘Energy for Today, Energy for Tomorrow’ witnessed large gathering of eminent personalities from the National Assembly, Secretary to the Government of the Federation, Chairman of Governors Forum, Members of Federal Executive Council, Members of the Diplomatic Community, Chairmen and Members of the NNPC Board, Service Chiefs, Royal father’s, Captain’s of industries and others.
President Buhari further stated that it is the opportunity for the NNPC Limited to be freed from various institutional regulations such as the Treasury Single Account (TSA) and the Public Procurement and Physical Responsibility Act (PPRA) and to fully connect itself under the best international business practices in transparency, governance and commercial viability.
While giving his votes of thanks to members of the National Assembly for demonstrating uncommon courage and patriotism in the passage of PIA that culminated in the creation of NNPC Limited, he noted it would operate as a commercial, independent and viable national oil company and transverse 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 corporate fundamental values of integrity, excellence and sustainability.
“NNPC Limited is mandated by law to ensure Nigeria’s National energy security is guaranteed to support sustainable growth across other sectors of the economy as it delivers energy to the world.
“It is therefore my singular honor and privilege on this historic day of 19rh of July 2022 to unveil the NNPC Limited with focus on becoming a dynamic global energy company of choice to deliver energy for today, energy for tomorrow, for the day and days after tomorrow.”
“We are transforming our petroleum industry to strengthen its capacity and market relevance for the present and future global priorities. The cerebral unveiling is a landmark event and places high premium in creating the right atmosphere that supports investment and growth to boost its economy and continue to play an important role in sustaining global energy requirements.”
Expressing his gratitude to God Almighty for having the privilege to lead the creation of Nigerian National Petroleum Corporation on 4th July, 1977 and 44 years down the line remains the same person who signed the long awaited PIA on 16th August, 2021 that transited to the launching of the new NNPC Limited.
Recall that on the 4th July, 2022, President Muhammadu Buhari authorized the transfer of Asset from the Nigerian National Petroleum Corporation (NNPC) to a successor company the Nigerian National Petroleum Company Limited (NNPCL) with strategic implementation that led to the unveiling of Africa’s largest National Oil Company.
In his remark, the Minister of State for Petroleum Resources, H.E Chief Timipre Sylva, said while the country is waiting for the PIA, the Oil and gas industry brought about 50 billion dollars worth of investment. And between 2015 to 2019, KPMD revealed that only 4 percent of the 70 billion dollars investment inflows into Africa’s oil and gas industry came to Nigeria, even though the country is the continent’s biggest producer with the largest reserves.
He, therefore, hailed the administration of Mr President for ensuring that the NNPC Limited is a reality under the provision of the Petroleum Industrial Act and also creating a more conducive environment for growth of the oil and gas sector and addressing legitimate grievances of communities most impacted by the extractive industry.
Sylvia who ascertained that the unveiling of NNPC Limited will attract high expectations, said he had no doubt the leadership of the brand new liability company is super charged to meet the highest expectations.
Meanwhile, the Group Chief Executive Officer of the New NNPC Limited, Mallam Mele Kyari, also thanked President Buhari for his sustained commitment to the growth and prosperity of our nation, said the reborn is an opportunity to scale its relevance in the global community as Africa’s largest energy company endowed with the best resources one can find anywhere in the industry.
“NNPC is positioned to lead Africa. Africa is gradually transitioning to new energy by deepening Natural gas production to create low carbon alternatives by positively changing the story of energy poverty at home and around the world.
“We have taken strategic measures to achieve our mandate of ensuring energy security for our country by rolling out a comprehensive and comparative plan to grow our fuel retail presence from 547 to over 1,000 outlets within the next 6 months.
“Our drive for organizational sustainability is hinged on our renewed commitments to partnerships that deliver sustainable value to all with integrity. Our established governance framework, systems processes and new culture are designed to support our quest to build the global company of our choice,” he emphasised.
