President Muhammadu Buhari has said that the newly unveiled Nigerian National Petroleum Company Limited (NNPC Limited) would strengthen the Nigerian energy sector and guarantee energy security.
Buhari, who gave the assurance on Tuesday during the official unveiling of the company, said it would also support sustainable growth across other sectors of the economy in the country as it delivers energy to the world.
In a statement by his Special Adviser on Media and Publicity, Femi Adesina, Buhari said, “We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities.”
He said that the NNPC Limited would 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).
Buhari said, “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. 44 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 an 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.
“It will, of course, conduct itself under the best international business practice in transparency, governance and commercial viability.
“Coincidentally, I, on the 1st of July 2022 authorized the 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.”
Similarly, the NNPC Limited Group Managing Director, Mele Kyari, said that the company had adopted a strategic initiative to achieve the mandate of energy security by rolling out a comprehensive expansion plan to grow its fuel retail presence from 547 to over 1500 outlets within the next six months.
Buhari was accompanied to the NNPC Limited unveiling ceremony which was held at the State House Conference Centre in Abuja by the Senate President, Ahmad Lawan, Speaker of the House of Representatives, Femi Gbajabiamila among other dignitaries.