President Buhari Attends Unveiling Of NNPC Limited
President Buhari said the government was transforming the petroleum industry to strengthen its capacity and market relevance for current and future global energy priorities.
Joy Kalu 
President Muhammadu Buhari has attended the unveiling of the Nigerian National Petroleum Company Limited, NNPC LTD.
The event taking place in Abuja on Tuesday, July 19, 2022, has some top government officials in attendance.
The unveiling has the Senate President, Ahmad Lawan; the Minister of State for Petroleum Resources, Timipre Sylva; and the Group Managing Director of NNPC, Mele Kyari; among other top stakeholders in the oil and gas sector.
Buhari, who made this public at the Presidential Villa, Abuja, stated that the oil firm would conduct itself under best international business practices.
He said: “The provisions of PIA (Petroleum Industry Act) 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.”
The President said the government was transforming the petroleum industry to strengthen its capacity and market relevance for current and future global energy priorities.
“By chance of history, I was privileged to lead the creation of the Nigerian National Petroleum Corporation on July 1, 1977. Forty-Four years later, I was again privileged to sign the Petroleum Industry Act in 2021, heralding the long-awaited reform of our petroleum sector,” he stated.
The President further noted that coincidentally, “I, on July 1, 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.
“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.
“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.”
The transition from NNPC Group to NNPC Limited is by the Petroleum Industry Act.
According to the Act, NNPC Limited will run a commercial and profit-focused organization under the Company and Allied Matters Act (CAMA).
