President Muhammadu Buhari and other government officials attend the unveiling of NNPC Ltd in Abuja on July 19, 2022.
President Muhammadu Buhari, Senate President, Ahmad Lawan and other government officials on Tuesday attended the unveiling of the Nigerian National Petroleum Company Limited (NNPC Limited).
The event, which is taking place in Abuja, the nation’s capital also has in attendance, the Minister of State for Petroleum Resources, Timipre Sylva and the Group Managing Director of NNPC, Mele Kyari among other players in the oil and gas sectors.
The transitioning from NNPC Group to NNPC Limited is in accordance with the Petroleum Industry Act.
According to the Act, NNPC Limited will run a commercial and profit-focused organisation under the Company and Allied Matters Act (CAMA).
In his remark, President Buhari assured that the new company will guarantee energy security in the country.
Buhari, who was accompanied by the Senate President, Ahmad Lawan, Speaker of the House of Representatives, Femi Gbajabiamila among other dignitaries at the State House Conference Centre, described the NNPC Limited as the largest national oil company in Africa.
“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.
According to the President, 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).
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 day days after tomorrow.
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The ruling party had earlier fixed July 18 and 19 for the conduct of the two meetings.