Buhari unveils new NNPC Limited, assures consumers of efficiency, energy security

*President Muhammadu Buhari says the NNPC Limited with a new corporate logo will run a commercial and profit-focused organisation under the country’s Company and Allied Matters Act (CAMA)

*The Company is adopting a strategic initiative to achieve energy security for Nigerians −Mele Kyari, Group Managing Director/CEO, NNPC Limited

Gbenga Kayode | ConsumerConnect

President Muhammadu Buhari, Senate President Ahmad Lawan, Rt. Hon. Femi Gbajabiamila, Speaker of House of Representatives, and other top government officials Tuesday, July 19, 2022, graced the unveiling event of the new Nigerian National Petroleum Company Limited (NNPC Limited).

ConsumerConnect reports the ceremony was held in the State House Conference Centre in Abuja, FCT.

The gathering had in attendance H.E. Chief Timipre Sylva, Honourable Minister of State for Petroleum Resources, and Malam Mele Kyari, Group Managing Director and Chief Executive Officer (CEO) of NNPC Limited, among other players in the oil and gas sector of the Nigerian economy.

A cross-section of dignitaries with President Buhari (4th from right) at the unveiling of new NNPC Limited, in Abuja

The transitioning from NNPC Group to NNPC Limited is in accordance with the Petroleum Industry Act.

In the Act, NNPC Limited now will run a commercial and profit-focused organisation under the Company and Allied Matters Act (CAMA).

New NNPC will ensure energy security, says Buhari

Speaking at the unveiling ceremony of the NNPC Tuesday, in Abuja, President Buhari assured Nigerian energy consumers, that the new company would guarantee energy security in the West African country.

The President also described the NNPC Limited as the largest national oil company in Africa.

Mr. Femi Adesina, Special Adviser to the President on Media and Publicity, in a statement also noted Buhari said that the new enterprise would support sustainable growth across other sectors of the economy as it delivers energy to the world.

“We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities,” stated the President.

He further said the NNPC Limited would 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).

Buhari, therefore, assured stakeholders in the industry that Africa’s largest NOC would 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.

The company, the President stated, will focus on becoming a dynamic global energy company of choice to deliver energy for today, for tomorrow, and for the day days after tomorrow.

Buhari said: “Our country places high premium in 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.”

He as well said: “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.

He also noted: “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.

Buhari commended the leadership and members of the National Assembly (NASS) for demonstrating uncommon courage and patriotism in the passage of PIA that culminated in the creation of NNPCL.

Chief Sylva said with the signing of the PIA, which assures international and local oil companies of adequate protection for their investments, the Nigerian petroleum industry is no longer rudderless.

The Minister described the unveiling of NNPC Limited as a new dawn in the quest for the growth and development of the Nigerian Oil and Gas Industry, opening new vintages for partnerships.

He also thanked the President for his unparalleled leadership, steadfastness, and unalloyed support for ensuring that the country’s oil and gas industry is on a sound footing.

Speaking at the event, Malam Kyari stated that the company had adopted a strategic initiative to achieve the mandate of energy security for the country by rolling out a comprehensive expansion plan to grow its fuel retail presence from 547 to over 1,500 outlets within the next six months.