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Buhari unveils NNPC Limited

President Muhammadu Buhari at the unveiling of the Nigerian National Petroleum Company Limited on Tuesday in Abuja

President Muihammadu Buhari unveiled the Nigerian National Petroleum Company Limited on Tuesday, promising energy security.

Buhari, who was accompanied by Senate President Ahmad Lawan and House Speaker Femi Gbajabiamila, called NNPC Limited the largest national oil company in Africa.

He said the new enterprise would support sustainable growth across other sectors of the economy as it delivers energy to the world.

“We’re transforming our petroleum industry to strengthen its capacity and market relevance for present and future global energy priorities,” the president said.

According to the President, NNPC Limited will provide long-term value to its over 200 million shareholders and the global energy community; will operate independently of government funding; and will be exempt from institutional regulations such as the Treasury Single Account (TSA).

The President assured industry stakeholders that Africa’s largest NOC will adhere to its core values of integrity, excellence, and sustainability while operating as a commercial, independent, and viable NOC at par with its global peers.

“By chance, I led the creation of NNPC on 1 July 1977. 44 years later, I signed the Petroleum Industry Act (PIA) in 2021, ushering in the sector’s long-awaited reform, The provisions of PIA 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”, Buhari said.

He added that on the 1st of July 2022, “I authorised the transfer of assets from the Nigerian National Petroleum Corporation to its successor company, NNPCL, and steered the implementation leading to the unveiling of Africa’s largest National Oil Company today,” he stated.

He thanked the National Assembly’s leadership and members for their courage and patriotism in passing PIA.

No longer rudderless

Timipre Sylva, Minister of State for Petroleum Resources, said the nation’s petroleum industry was no longer rudderless with the signing of the PIA, which protects international and local oil companies’ investments.

Sylva called the unveiling of NNPC Limited a new dawn for the Nigerian Oil and Gas Industry.

Group CEO of NNPC Limited, Mele Kyari said the company had adopted a strategic initiative to achieve energy security for the country by expanding its fuel retail presence from 547 to over 1500 outlets within six months.

Writing by Adeniyi Bakare; Editing by Tony Okerafor and Saadatu Albashir