The Nigerian National Petroleum Company Limited was formally unveiled by the president, major general Muhammadu Buhari (retired), on Tuesday. He also declared that the new organization would no longer be subject to institutional regulations.
Buhari announced this at the Presidential Villa in Abuja and promised that the oil company would work in accordance with ethical standards set by other nations.
The provisions of the Petroleum Industry Act of 2021, he claimed, “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 like the Treasury Single Account, Public Procurement, and Fiscal Responsibility Acts.
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Naturally, it will conduct itself according to the best standards of openness, governance, and commercial viability.
According to the President, the government is reforming the petroleum sector to increase its market relevance and capabilities for today’s and tomorrow’s global energy priorities.
I had the honor of leading the establishment of the Nigerian National Petroleum Corporation on July 1, 1977, by chance of history. After 44 years, I once more had the honor of signing the Petroleum Industry Act in 2021, which signaled the long-awaited reform of our petroleum industry, he said.
The President added that ironically, “I authorized the transfer of assets from the Nigerian National Petroleum Corporation to its successor company, the Nigerian National Petroleum Company Limited, on July 1, 2022, and I oversaw the implementation leading to today’s unveiling of Africa’s largest national oil company.
“Therefore, I thank Almighty God for using me to continually contribute significantly to moulding our national oil company’s future from good to outstanding.
“NNPC Limited will operate as a commercial, independent, and viable NOC at par with its peers around the world in order to sustainably deliver value to its over 200 million shareholders and the global energy community while adhering to its fundamental corporate values of integrity, excellence, and sustainability,” the company’s mission statement states.
According to him, NNPC Limited is required by law to guarantee that Nigeria’s national energy security supports sustained growth across other economic sectors while supplying energy to the rest of the globe.
In light of this, Buhari said, “It is my single honor and privilege to introduce the NNPC Limited on this historic day of July 19, 2022, with a focus on becoming a dynamic global energy company of choice to deliver energy for today for tomorrow, for tomorrow, and for tomorrow after that.”