On Tuesday in Abuja, President Muhammadu Buhari presented the new Nigerian National Petroleum Company Ltd in line with the provisions of the Petroleum Industry Act 2021.
The unveiling by the President at the State House in Abuja signals a new era of transparency, accountability, and energy security for the country.
According to the reports, the unveiling event was attended by the Group Chief Executive Officer of the NNPC Ltd, Mele Kyari, Chairman of the Board of NNPC Margary Okadigbo, the Minister of State for Petroleum Resources Timipre Sylva, the Senate President Ahmed Lawan, Speaker of the House of Representatives Femi Gbajiabiamila and other top officials in the public and private sectors of the Nigerian economy.
The president explained the unveiling as a landmark event as it has given NNPC Ltd a footing to operate in a competitive manner in line with its peers globally.
He said under the new dispensation, the NNPC Ltd will be free from government funding and other bottlenecks such as the Treasury Single Account and procurement bureaucracies among others.
“This is a landmark event for the oil industry. We are transforming our petroleum industry to strengthen its capacity and market relevance.
“The provision of PIA will make the NNPC conduct its business with transparency and commercial viability. On July 1, I authorized the transfer of assets from the Nigerian National Petroleum Corporation to NNPC Ltd leading to the unveiling of Africa’s largest oil company today.
“NNPC Ltd will operate as a commercial, independent and viable national oil company at par with its peers globally with its 200 million shareholders while adhering to the principle of integrity and transparency.
“It is mandated by law to ensure energy security as it delivers energy to the world”, President Buhari said.
He compliments the leadership of the National and members of the Assembly for their patriotism in passing the PIA 2021.
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