What We Know About the Newly Launched Nigerian National Petroleum Company Limited (NNPCL)
President Muhammad Buhari officially launched the new Nigerian National Petroleum Company Limited (NNPCL) with a new logo and a new motto, “Energy for Today, Energy for Tomorrow.” The event was held at the State House Conference Centre in Abuja.
The newly launched NNPCL has now moved from being the foremost government-owned petroleum producer in Nigeria to a commercial oil company, limited by shares. NNPCL will be an independent, and commercially viable company that will adhere to global energy standards.
At the event held on 21st July, President Muhammad Buhari spoke on the need to strengthen the capacity and market relevance of the country’s petroleum industry for the present and future global energy. The president sees this as one of the major drives to completing the movement and signing the petroleum industry act (PIA) in 2021.
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According to the president, the new NNPCL will meet standards of best practice and strict compliance with industry regulations. Over time, it will be accountable only to its shareholders and not the government except concerning state compliance laws. This is when it will be said to have been fully privatized. At the moment, it is still owned only by the government but will soon begin to run as a commercial entity.
President Buhari in his speech 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. 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.
In his final note, the president said, “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.”
The event welcomed many renowned public officials and international act Asa, who performed her 2007 classic “Fire on the Mountain”.
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