HomeNewsBuhari unveils NNPC Ltd,...

Buhari unveils NNPC Ltd, assures of value in line with global best practice


From Juliana Taiwo-Obalonye, Abuja

President Muhammadu Buhari has officially unveiled the Nigerian National Petroleum Company Limited (NNPC Ltd) with a charge that it must ensure that the company’s over 200 million shareholders and Nigerians at large get value in line with global best practices.

He noted that the Petroleum Industry Act 2021 has given an additional impetus for a transparent and profitable energy venture.

The president assured that the NNPC Limited will operate as a commercial, independent and viable NOC at par with its peers around the world, to sustainably deliver value to its over 200 million shareholders and the global energy community, while adhering to its fundamental corporate values of integrity, excellence and sustainability.

With the NNPC transitioned to a fully commercial entity, the federal government will henceforth halt all forms of funding for projects and sundry purposes as against what was obtained in the last 45 years of the national oil company’s existence.

According to the president, Nigeria places a high premium on creating the right atmosphere that supports investment and growth to boost its economy and continues to play an important role in sustaining global energy requirements.

Read also: Travel: Aviation faces hurdles to hit goals for cutting emissions

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

“By chance of history, I was privileged to lead the creation of the Nigerian National Petroleum Corporation on the 1st July 1977. Forty-Four 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 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.

“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.”

President Buhari noted that NNPC Ltd is mandated by law to ensure Nigeria’s National Energy Security is guaranteed to support sustainable growth across other sectors of the economy as it delivers energy to the world.

He added that the NNPC Ltd will focus on becoming a dynamic global energy company of choice “to deliver energy for today for tomorrow, for the day days after tomorrow.”

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.

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.

‘‘From the onset of this administration, Mr President never concealed his desire to create a more conducive environment for the growth of the oil and gas sector, and addressing legitimate grievances of communities most impacted by extractive industries,” he stated.

‘‘While the country was waiting for the PIA, Nigeria’s oil and gas industry lost about $50 billion worth of investments. In fact, between 2015 and 2019, KPMG states that “only 4 per cent of the $70 billion investment inflows into Africa’s oil and gas industry came to Nigeria even though the country is the continent’s biggest producer and the largest reserves.

‘‘We are setting all these woes behind us, and a clear path for the survival and growth of our petroleum industry is now before us,” he said.

Sylva described the unveiling of NNPC Ltd 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, announced 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.

He assured stakeholders and the global energy community that the new company was endowed with the “best human resources one can find anywhere in the industry.”

“NNPC Limited is positioned to lead Africa’s gradual transition to new energy by deepening natural gas production to create low carbon activities and positively change the story of energy poverty at home and around the world,” he said.

- A word from our sponsors -

spot_img

Most Popular

More from Author

Nigeria’s crude oil production averaged 1.183m b/d in July –OPEC – VELOXNEWS

The Organisation of the Petroleum Exporting Countries (OPEC) says Nigeria’s...

MAN says counterfeit products threat to Nigeria’s economy – VELOXNEWS

The Manufacturers Association of Nigeria (MAN) on Thursday in Ilorin...

Customs intercepts N308m canabis, hands over suspects to NDLEA – VELOXNEWS

By Steve Agbota The Federal Operations Unit (FOU), Zone A of...

Obasanjo, George raise concerns over state of affairs in Nigeria – VELOXNEWS

Two eminent statesmen, former president Olusegun Obasanjo and Commodore Olabode...

- A word from our sponsors -

spot_img

Read Now

Nigeria’s crude oil production averaged 1.183m b/d in July –OPEC – VELOXNEWS

The Organisation of the Petroleum Exporting Countries (OPEC) says Nigeria’s crude oil production increased to an average of 1.183 million barrels per day (bpd) in July 2022.OPEC made this known in its Oil Market Report for August 2022 released on Thursday in Lagos.The report said the...

MAN says counterfeit products threat to Nigeria’s economy – VELOXNEWS

The Manufacturers Association of Nigeria (MAN) on Thursday in Ilorin said the inestimable damage caused by the menace of counterfeit products poses graveous threat to the country’s economy.Chief Bioku Rahmon, the MAN Chairman for Kwara/Kogi States, said this in Ilorin in his welcome address at the...

Customs intercepts N308m canabis, hands over suspects to NDLEA – VELOXNEWS

By Steve Agbota The Federal Operations Unit (FOU), Zone A of the Nigeria Custom Service (NCS), on Thursday, handed over a total of 3,851kg of Indian Hemp known as Cannabis Sativa worth N308million to the National Drugs Law Enforcement Agency (NDLEA).Speaking to journalists on the occasion, the...

Obasanjo, George raise concerns over state of affairs in Nigeria – VELOXNEWS

Two eminent statesmen, former president Olusegun Obasanjo and Commodore Olabode George (retd) have expressed grave concern over state of affairs in the country.While Obasanjo said Nigeria is yet to achieve its full potential, George warned that an Armageddon is hovering over the nation.The duo spoke at...

NFF writes FIFA, seeks postponement of election till January – VELOXNEWS

The crisis rocking the Nigeria Football Federation at all fronts are still prevalent as the current board led by Amaju Pinnick has sent a letter to the Federation of International Football Association seeking for more time before the elections of the body will take place.In a...

NLNG denies involvement in illegal gas exportation – VELOXNEWS

The Nigeria Liquefied Natural Gas Ltd. (NLNG) has denied allegation that it was involved in illegal exportation of LNG or any of its products outside the country.Mr Andy Odeh, the General Manager, External Relations and Sustainable Development, NLNG, issued the denial in a statement on Thursday...

Buhari meets relatives of abducted train passengers, assures safe return – VELOXNEWS

From Juliana Taiwo-Obalonye, AbujaFamilies of abducted passengers on the Abuja- Kaduna-bound train has urged President Muhammadu Buhari to do everything possible to rescue those still in terrorist captivity as they cannot raise the huge amount of money  demanded as ransom for their freedom.They made the appeal,...

Over 5000 runners jostle for N5m price money – VELOXNEWS

From Romanus Ugwu, AbujaNo less than 5000 runners will in October 1, participate in Economic and Financial Crimes Commission (EFCC) Annual National Anti-Corruption half marathon billed to hold in Abuja this year.Coordinator of the event, Onu Jacob, made the disclosure during the flag-off of the registration...

NSITF to launch call centre –MD – VELOXNEWS

From Adanna Nnamani, AbujaAs part of ongoing efforts to restructure its services delivery, the Nigeria Social Insurance Trust Fund (NSITF), has disclosed plans to  introduce a toll free , 24-hour Call Centre to boost access and ginger prompt feedback from its  numerous publics. This was announced Thursday...

FG’ll continue to deduct $418m Paris Club refund –Malami – VELOXNEWS

From Juliana Taiwo-Obalonye, Abujattrorney-general of the Federation and Minister of Justice, Abubakar Malami, has said deduction of $418 million Paris Club refund owed four contractors from the federation account would continue contrary to reports that President Muhammadu Buhari has directed its suspension.Speaking at the 46th Session...

Tyson Fury’s dad pressure champion to accept AJoshua fight – VELOXNEWS

Tyson Fury’s dad John would strongly encourage his son to face the winner of Anthony Joshua’s rematch with Oleksandr Usyk.Fury declared that he had retired from the sport after making a successful defence of his WBC crown against Dillian Whyte at Wembley Stadium back in April....

Nigeria’s business environment limiting airlines growth –Galadima, NAAPE boss – VELOXNEWS

By Chinelo Obogo            09051862508Nigeria’s business environment and poor airport infrastructure have been described as a sore point for the aviation industry’s growth. Aside few international airports, many of the country’s airports are not viable due to lack of sufficient infrastructure...