FG privatises NNPC, unveils new logo

President Muhammadu Buhari has assured that the new Nigerian National Petroleum Company Limited (NNPCL) has been positioned to enable over 200 million Nigerians (shareholders) to benefit from its N15trillion assets.

Buhari, who gave the assurance on Tuesday at the Presidential Villa’s Conference Centre while unveiling the new company, also said the new national oil company had been mandated by law to guarantee energy security and adhere strictly to fundamental corporate values of integrity, excellence and sustainability.

He said that the newly unveiled company would be operating as a commercial, independent and viable national oil company operating at par with its peers around the world. Buhari equally assured that the new company would support sustainable growth across other sectors of the economy as it delivers energy to the world. Noting that God has been using him in the past 45years to be consistently playing important roles in shaping the destiny of the country’s NOC, Buhari expressed the optimism that the new NNPC Limited would 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).

“Our country places high premium in 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. “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 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.

“Coincidentally, I, on July 1, 2022, authorised 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.” According to him, the company will focus on becoming a dynamic global energy company of choice to deliver energy for today, for tomorrow, for the day days after tomorrow.

Meanwhile, Minister of State for Petroleum Resources, Timipre Sylva, in his comments, said with the signing of the PIA, which assured international and local oil companies of adequate protection for their investments, the nation’s petroleum industry was no longer rudderless. ‘‘From the onset of this administration, Mr. President never concealed his desire to create a more conducive environment for growth of the oil and gas sector, and addressing legitimate grievances of communities most impacted by extractive industries. ‘‘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 percent 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 has 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 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. He thanked the President for his unparalleled leadership, steadfastness, and unalloyed support towards ensuring that the country’s oil and gas industry is on a sound footing.

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.’’

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