President Muhammadu Buhari has formally launched the new Nigerian National Petroleum Company Limited, with a new logo and also a new motto, “Energy for Today, Energy for Tomorrow”.
Buhari launched the new company’s image at an Abuja event hosted by the NNPC Ltd on Tuesday morning,
He said it is a landmark event for the Nigerian oil industry, citing that the NNPC Ltd will be an independent, commercially viable company that will adhere to global energy standards.
What the President is saying
President Buhari stated that Nigerian places a high premium on the right atmosphere that supports investment and growth to boost economy and sustain global energy requirements.
He said, “We are transforming our petroleum industry, to strengthen capacity and market relevance
“I was privileged to lead the transition in 1977 to a corporation and also sign the Petroleum Act in 2021.”
He added that the PIA gives new impetus, and enhances regulation to “create a commercial driven and independent national oil company that will operate without government funding and free from institutional needs such as treasury single account.”
Buhari added that on the 1st of July 2022, he authorised the transfer of assets from NNPC to NNPC Ltd and steered the implementation towards leading the launch of Africa’s largest oil company.
“NNPC Ltd will operate as a commercial independent and viable national oil company to sustainably deliver value to over 200 million shareholders, and adhere to integrity and sustainability
“It is mandated by law to ensure Nigeria’s energy security is guaranteed, and support sustainable growth across other sectors of the economy.
“It is my honour and privilege on this historic day with focus on becoming a dynamic and global energy company to deliver energy for today and tomorrow,” 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 would have one of the largest registered share capital in Nigeria with a valuation of N200 billion.
- This comes after the President finally signed the Petroleum industry Bill termed to boost investment and regulation in Nigeria’s oil and gas industry.