President Muhammadu Buhari says the unveiling of the new Nigerian National Petroleum Company Limited marks a turning point in his administration’s unsuccessful quest to transform the petroleum industry.
Buhari made the declaration on Tuesday at the presidential banquet hall, Abuja, while speaking during the landmark event that officially changes the NNPC from a wholly government-operated entity to a commercial oil company, limited by shares.
“We are transforming our petroleum industry to strengthen the growth today July 19 2022.
NNPC Limited now will operate as a commercial oil company with over 200 million shareholders with integrity and excellence,” he said.
The official unveiling came weeks after the corporation transitioned into a company whose operations will be regulated by the Companies and Allied Matters Act (CAMA).
The legal transition, based on the new Petroleum Industry Act, took effect July 1.
The NNPC completed its incorporation in September last year weeks after the PIA was signed into law by President Buhari. The NNPC Limited was then floated with an initial capital of N200 billion making history as the company with the highest share capital in the country.
The new entity is expected to become a commercially oriented and profit-driven national petroleum company independent of government, although government bodies remain its shareholders. It will be audited annually.
