Buhari Unveils NNPCL, Firm to Deliver Value to Over 200M Shareholders
President Muhammadu Buhari has unveiled the Nigerian National Petroleum Company Limited (NNPCL) just as the new firm will expand its retail outlets to 1,500 and will sustainably deliver value to its over 200 million shareholders.
Speaking on Tuesday at the State House, President Muhammadu Buhari has charged the oil company to sustain Nigeria’s energy security.
The President at the unveiling ceremony, affirmed that the company is now mandated by law to ensure that Nigeria’s National Energy Security is guaranteed.
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Speaking at the historic occasion at the State House Conference Centre, he says Africa’s largest National Oil Company (NOC) would also support sustainable growth across other sectors of the economy as it delivers energy to the world.
At the event, which featured a Special rendition of the Theme Song ”Energy for today, Energy for tomorrow, Energy for Everyone” by an Ensemble, the President recounted how God had used him to consistently play an important role in shaping the destiny of the country’s NOC in the last 45 years.
President Buhari expressed optimism that the NNPC Limited will sustainably deliver value to its over 200 million shareholders and the global energy community; operate without relying on government funding and free from institutional regulations such as the Treasury Single Account (TSA).
Buhari says “It is therefore my singular honour and privilege on this historic day of 19th July 2022, to unveil the NNPC Limited, with focus on becoming a dynamic global energy company of choice to deliver energy for today for tomorrow, for the day and days after tomorrow.”
The president recalled how he was privileged to lead the creation of the Nigerian National Petroleum Corporation (NNPC) on July 1, 1977, adding that 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.”
Buhari said with the provisions of PIA 2021, NNPCL is now independent and will conduct itself under the best international business practice in transparency, governance and commercial viability.
“Coincidentally, I, on the 1st of July 2022 authorized 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 stated.
The Minister of State Petroleum Resources, Timipre Sylva, lauded Buhari for the PIA 2021 which lingered for 20 years.
He said, “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 four 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.”
He however said all those had become past with the new industry.
The Group Chief Executive Officer (GCEO), NNPCL, Mele Kyari, said the unveiling of the firm marked a new beginning, commending President Buhari for the PIA and the reforms of the NNPC which operated for 45 years.
Speaking on the company’s plan, Kyari says the firm had created a robust expansion plan to increase its retail outlets from 547 units to 1,500 outlets within the next six months, confirming that this would be done through partnerships.
