PRESIDENT Muhammadu Buhari has instructed the management of the Nigerian National Petroleum Company Limited (NNPC Ltd.) to ensure that the company operates in accordance with global best practices.
Making the charge today at the unveiling of the new NNPC Ltd., Buhari stressed that such a modus operandi would ensure the right atmosphere and investment growth that would enable Nigeria to play its role as a key player in security. global energy.
The former government-owned Nigerian National Petroleum Corporation has metamorphosed into the new NNPC Ltd., in accordance with the provisions of the Petroleum Industry Act 2021, with private investors permitted to hold shares in the new limited liability company .
The President’s unveiling at the State House in Abuja is expected to mark a new era of transparency, accountability and energy security for the country.
He described the unveiling as a milestone that would give NNPC Ltd a foundation to operate competitively in line with its peers globally.
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He said that under the new waiver, NNPC Ltd would be free from government funding and other bottlenecks like Treasury Single Account and procurement bureaucracies.
The President said, “This is a historic event for the oil industry. We are transforming our oil industry to strengthen its capability and market relevance.
“The provisions of the PIA will enable NNPC to conduct its business with transparency and commercial viability. On July 1, I authorized the transfer of assets from the Nigerian National Petroleum Corporation to NNPC Ltd, which led to the inauguration of Africa’s largest oil company today.
“NNPC Ltd will operate as a commercial, independent and viable national oil company on par with its peers around the world with its 200 million shareholders, while adhering to the principle of integrity and transparency.
“It is mandated by law to ensure energy security as it supplies energy to the world.”
The President enthused that, by chance of history, he was at the forefront of major reforms in Nigeria’s oil and gas sector.
“I was able to spearhead the establishment of the Nigerian National Petroleum Corporation on July 1, 1977. Forty-four years later, I again had the privilege of signing the PIA in 2021, heralding the long-awaited reforms to the petroleum sector” , did he declare. .
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He congratulated the leaders and members of the National Assembly for what he described as their patriotism in passing the PIA 2021.