Nigerian President Muhammadu Buhari has said that the new Nigerian National Petroleum Company Limited, will guarantee energy security in the country.
Speaking at the unveiling of the NNPC Ltd on Tuesday in Abuja, President Buhari described the NNPC Limited as the largest national oil company in Africa and that the new enterprise would also support sustainable growth across other sectors of the Nigerian economy as it delivers energy to the world.
The statement by presidential spokesman, Femi Adesina, said that President Buhari stated that the nation was transforming the petroleum industry to strengthen its capacity and market relevance for the present and future global energy priorities.
According to President Buhari, 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 be free from institutional regulations such as the Treasury Single Account (TSA).
He assured the 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.
The Nigerian leader 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,” he added.
In his speech, the Minister of State for Petroleum Resources, Chief Timipre Sylva, said with the signing of the Petroleum Industry Act, 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 the 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.
In his remarks, the Group Chief Executive Officer of NNPC Limited, Mr. 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.
“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 said.
GIK/APA