The Nigerian Government has formally unveiled the launch of NNPC Ltd. today after the signing of the Petroleum Industry Act, with a new motto: Energy for Today, Energy for Tomorrow.
In an event hosted by Eugenia Abu and Richmond Orji, the NNPC said it is ready to take on the world as the largest corporate contributor to the Nigerian economy.
Group CEO, Mele Kyari said it is a new beginning for the energy industry in Nigeria and for the world. He stated that he has no doubt the new National company, is supercharged to meet the high expectations of Nigerians.
What they are saying
NNPC Ltd boss, Kyari stated that “The journey would not have been possible without the leadership of the president.
He said the event marks Nigeria’s “New beginning and is set to deliver greater value to 200 million shareholders,” citing that the leadership of President Buhari made it possible, starting from his time in government when the NNPC was created as a corporation in 1977, to its passage in 2021, which created a commercially driven energy company to the world.
- “A new day, new hope to upscale relevance as Africa’s largest economy positioned to lead Africa’s transition to new energy by deepening natural gas production.
- “We are taking a strategic initiative by rolling out a plan to grow retail presence from 547 to over 1000 outlets in six months, hinged on a new commitment to partnership that delivers sustainable value, a new culture to design a quest to be a global company of choice.
Timipre Sylva, the Minister of State for Petroleum said it is a landmark achievement and victory for Nigeria alongside the signing of the Petroleum Industry Act.
- “Nigeria lost $50 billion worth of investments waiting for PIA to sign, as Nigeria got only 4% of Oil and gas investments between 2015-2019. We are setting all these woes behind us and a clear path ahead of us.
- “PIA assures Oil and gas companies of protection of investments” he added.
He said it also avails Nigeria of golden opportunities to strengthen institutions and attract much-needed investments.
- “Coming at a time moving towards gas as cleaner fuel, we cannot be happier and more excited. This development has demonstrated placing Nigerian oil and gas on the path of growth, profitability and prosperity,” Sylva said.
- He added that the Transition of NNPC into a fully Limited entity will operate as a profitable commercial entity and declare dividends to shareholders, and show capacity and accountability.
- “Today, I have no doubt that the leadership of this brand new company is supercharged to meet the high expectations,” he added.
What you should know
Recall Nairametrics reported last year that the Corporate Affairs Commission (CAC) revealed that the Nigerian National Petroleum Company (NNPC) Limited will have one of the largest registered share capital in Nigeria with a valuation of N200 billion.
