New NNPC Ltd, Will Guarantee National Energy Security – Buhari Assures
President Muhammadu Buhari on Tuesday unveiled the new identity and logo for the Nigerian National Petroleum Company (NNPC), which has become a limited liability company.
The President while expressing delight at the new status of NNPC at an event that took place at the State House Conference Centre in Abuja, described the NNPC Limited as the largest national oil company in Africa, adding that he had consistently had the opportunity to shape the course of the petroleum industry in the country.
Buhari appreciated the National Assembly for facilitating the passage of the Petroleum Industry Act (PIA), which he noted had been in the works over different administrations but came to reality during his administration.
The new identity has transformed the NNPC Ltd into a commercially driven and independent entity, with the responsibility to declare dividends to its shareholders.
The motto of the new logo unveiled by the President states; “NNPC: Energy for today, Energy for tomorrow.”
Buhari further said that new enterprise would also support sustainable growth across other sectors of the economy as it delivers energy to the world.
According to him; “We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities.
“NNPC Limited will 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).
A statement by the Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, quote Buhari as assuring stakeholders in the industry that Africa’s largest NOC will adhere to its fundamental corporate values of Integrity, Excellence and Sustainability while operating as a commercial, independent and viable NOC at par with its peers around the world.
Buhari also said that the company would focus on becoming a dynamic global energy company of choice to deliver energy for today, for tomorrow, and for the day days after tomorrow.
In the words of Buhari; “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,” he stated.
The President, who was accompanied by the Senate President, Ahmad Lawan, Speaker of the House of Representatives, Femi Gbajabiamila among other dignitaries, thanked the leadership and members of the National Assembly for demonstrating uncommon courage and patriotism in the passage of PIA that culminated in the creation of NNPCL.
Earlier, the minister of State for Petroleum Resources, Timipre Sylva, described the unveiling of NNPC Limited as a new dawn in the quest for the growth and development of the Nigerian Oil and Gas Industry, opening new vintages for partnerships.
While thanking the President for his unparalleled leadership, steadfastness, and unalloyed support for ensuring that the country’s oil and gas industry is on a sound footing, Sylva noted that with the signing of the PIA, which assures international and local oil companies of adequate protection for their investments, the nation’s petroleum industry is no longer rudderless.
Also speaking, the Group Chief Executive Officer of NNPC Limited, Mele Kyari, said that the company adopted a strategic initiative to achieve the mandate of energy security for the country by rolling out a comprehensive expansion plan to grow its fuel retail presence from 547 to over 1500 outlets within the next six months.
