President Muhammadu Buhari on Tuesday unveiled the Nigerian National Petroleum Company Limited, stating that the new company will guarantee energy security in the country.
He stated this at the State House Conference Centre in Abuja, describing the NNPC Limited as the largest national oil company in Africa.
In addition to providing energy to the world, he said the new company would foster sustainable growth in other economic areas.
“We are transforming our petroleum industry to strengthen its capacity and market relevance for the present and future global energy priorities,” the President was quoted as saying in a statement by his spokesman, Femi Adesina.
The President said the NNPC Limited would sustainably provide value to its more than 200 million shareholders and the global energy community, function independently of government funding, and be exempt from institutional regulations like the Treasury Single Account (TSA).
Therefore, the President reassured the industry’s stakeholders that Africa’s largest NOC would uphold its core corporate principles of Integrity, Excellence, and Sustainability while operating as a business, independent, and viable NOC on par with its peers across the globe.
He further stated that the company will concentrate on developing into a dynamic, top-choice global energy provider that could provide energy for today, tomorrow, and the day after tomorrow.
“Our country places a high premium on creating the right atmosphere that supports investment and growth to boost our economy and continue to play an important role in sustaining global energy requirements.
“We are transforming our petroleum industry to strengthen its capacity and market relevance for the present and future global energy priorities.
“By chance of history, I was privileged to lead the creation of the Nigerian National Petroleum Corporation on the 1st July 1977. 44 years later, I was again privileged to sign the Petroleum Industry Act (PIA) in 2021, heralding the long-awaited reform of our petroleum sector.
“The provisions of PIA 2021 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 such as the Treasury Single Account, Public Procurement and Fiscal Responsibility Acts.
“It will, of course, conduct itself under the best international business practice in transparency, governance and commercial viability.
“Coincidentally, I, on the 1st of July 2022, authorised the transfer of assets from the Nigerian National Petroleum Corporation to its successor company, the Nigerian National Petroleum Company Limited, and steered the implementation leading to the unveiling of Africa’s largest National Oil Company today,” he stated.
He appreciated the leadership and members of the National Assembly for demonstrating uncommon courage and patriotism in the passage of PIA that culminated in the creation of NNPCL.
Buhari was accompanied by the Senate President, Ahmad Lawan, Speaker of the House of Representatives, and Femi Gbajabiamila, among other dignitaries.