President Muhammadu Buhari, Tuesday in Abuja, unveiled the new Nigerian National Petroleum Company Limited (NNPC Limited), affirming that the company is mandated by law to ensure that Nigeria’s National Energy Security is guaranteed.
Speaking at the historic occasion at the State House Conference Centre, the President said Africa’s largest National Oil Company (NOC) would also support sustainable growth across other sectors of the economy as it delivers energy to the world.
This was disclosed in a statement by Femi Adesina, Special Adviser to the President.
At the event, which featured a special rendition of the Theme Song “Energy for today, Energy for tomorrow, Energy for Everyone” by an Ensemble, the President recounted how God had used him to consistently play an important role in shaping the destiny of the country’s NOC in the last 45 years.
He expressed optimism that the NNPC Limited will sustainably deliver value to its over 200 million shareholders and the global energy community; operate without relying on government funding and be free from institutional regulations such as the Treasury Single Account (TSA).
“This is a landmark event for the Nigerian oil industry,” Buhari said.
“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. Forty-Four (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 authorized 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.
“I therefore thank Almighty God for choosing me to consistently play an important role in shaping the destiny of our National Oil Company from the good to the great.”
The President, therefore, assured stakeholders in the industry that Africa’s largest NOC will adhere to its fundamental corporate values of Integrity, Excellence and Sustainability, while operating as a commercial, independent, and viable NOC at par with its peers around the world.
He added that the company would focus on becoming a dynamic global energy company of choice to deliver energy for today, for tomorrow, and for the days after tomorrow.
Buhari thanked 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.