Categories: Headlines Local

NNPC Limited Will Guarantee National Energy Security, Says Buhari At Unveiling


President Muhammadu Buhari on Tuesday unveiled the Nigerian National Petroleum Company Limited, assuring 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 in Abuja, described the NNPC Limited as the largest national oil company in Africa.

READ ALSO: Buhari, Lawan Attend Unveiling Of NNPC Limited In Abuja

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

President Muhammadu Buhari speaks during the unveiling of NNPC Limited in Abuja on July 19, 2022. Credit: State House


“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.

“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 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,” he stated.

He 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.

In his remarks, the Minister of State for Petroleum Resources, Timipre Sylva, said with the signing of the PIA, which assures international and local oil companies of adequate protection for their investments, the nation’s petroleum industry is no longer rudderless.

Sylva 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 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.

The Group Chief Executive Officer of NNPC Limited, Mele 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 1500 outlets within the next six months.

Ignatius Igwe

Disqus Comments Loading...
Published by
Ignatius Igwe
Tags: Buhari NNPC Limited

Recent Posts

  • Local

Kyari Narrates Experience During Kuje Prison Attack, To Know Fate On Bail Application August 30

  The suspended Deputy Commissioner of Police (DCP), Abba Kyari, has narrated his experience during the attack on the Medium…

5 hours ago
  • Headlines

UPDATED: NCAA Suspends Dana Air Operations Indefinitely

  The Nigerian Civil Aviation Authority (NCAA) has suspended Dana Airlines' Air Transport Licence (ATL) and Air Operator Certificate (AOC),…

5 hours ago
  • Local

No CAN Official Attended Shettima’s Unveiling As APC VP Candidate, Says PRO

  The Christian Association of Nigeria (CAN) has distanced itself from the unveiling of Kashim Shettima as the vice-presidential candidate…

5 hours ago
  • Business
  • Local

Senate Passes Nigeria Start-Up, Electricity, Social Security Commission Bills

  A total of three bills were passed on Wednesday by lawmakers during plenary in the Senate chamber of the…

6 hours ago
  • Headlines
  • Local

Slain Kaduna Priest: Security Chiefs Won’t Rest Until Nigeria Is Safe – Buhari

  President Muhammadu Buhari has condemned the murder of a Catholic priest, Reverend Father John Cheitnum of the Kafanchan Catholic…

7 hours ago
  • Local

ASUU Strike: Education Minister Requested Ngige Hands Off Negotiation – Presidency

  The Presidency says there was no time President Muhammadu Buhari gave an ultimatum to the Minister of Education, Adamu…

8 hours ago