BusinessDay

Buhari launches NNPC Limited, says new status will deliver value to 200 million shareholders

In a landmark event that officially changes the oil firm from a wholly state-run entity to a commercial oil company, limited by shares, President Muhammadu Buhari says the new status of Nigerian National Petroleum Company Limited will enable the commercial entity to deliver value to 200 million shareholders.

Buhari, who was accompanied by the Senate President, Ahmad Lawan, Speaker of the House of Representatives, Femi Gbajabiamila among other dignitaries at the State House Conference Centre in Abuja, assured the new company will guarantee energy security in the country.

According to the President, 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).

The President, therefore, assured 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.

Giving his opening remarks, Mele Kyari, Group Chief Executive Officer (GCEO), said it is a great honour to welcome everyone to the unveiling of NNPC limited to the world, “making our new beginning and our covenant to deliver greater value to our over 200 million shareholders.”

Read also: Six major changes to expect as NNPC transits to commercial entity

He said: “This day Mr. President will unveil our dynamic and commercially driven company with a focus on value creation for all stakeholders, while sustainably delivering energy to the world.

“This indeed is a new day, a new hope, and a new opportunity to upscale our relevance to the global energy community, as Africa’s largest energy company, endowed with the best human resources one can find anywhere in the industry.”

Also, Kyari thanked the president for his insightful leadership and sustained commitment to the growth and prosperity of the country.

Timipre Sylva, Minister of State for Petroleum Resources, said new dawn was ushered into Nigeria’s oil and gas industry when the petroleum industry bill was signed into law on August 16, 2021.

“It was a landmark achievement and victory for all Nigerians after about two decades of dashed hopes,” Sylva said.

He said: “One of the magnanimous provisions of the PIA, which has been unveiled at this important occasion is the transition of the Nigerian National Petroleum Corporation into a fully commercial entity, which will be a limited liability company incorporated under the companies and allied matters act to be known as NNPC limited”.