The Federal Government has described the new NNPC Limited as a new dawn in the quest for growth and development of the Nigerian oil and gas industry.
This was part of the sentiments expressed yesterday at the historic Presidential Brand Unveiling of the NNPC Limited, occasion at State House Conference Centre, Abuja.
While President Muhammadu Buhari unveiled the new company, the NNPC Board Chairman, Margerey Okadigbo, decorated him with the new lapel of the NNPC logo.
Buhari reiterated that the company is mandated by law to ensure that Nigeria’s National Energy Security is guaranteed, adding that as Africa’s largest National Oil Company (NOC), it would also support sustainable growth across other sectors of the economy as it delivers energy to the world.
He expressed optimism 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 free from institutional regulations such as the Treasury Single Account (TSA).
“This is a landmark event for the Nigerian oil industry. 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.
Transparency and accountability
In his address, the Minister of State for Petroleum Resources, Timipre Sylva noted that “The NNPC Limited will operate as a profitable commercial entity and declare dividends to its shareholders,” as provided in the Petroleum Industry Act (PIA) 2021.
The Company will demonstrate a higher level of performance and accountability to continue to win the hearts of its over 200 million shareholders.
The unveiling of NNPC Ltd. is a new dawn in the quest for the growth and development of the Nigerian Oil and gas industry, opening new vintages for partnerships.
Sylva said a new dawn was ushered into Nigeria’s oil and gas industry in August 2021, when President Buhari signed the Petroleum Industry Bill into law, after two decades of dashed hopes.
“One of the magnanimous provisions of the PIA, is the transition of the NNPC into a fully commercial entity, which will be a Limited Liability Company incorporated under the Companies and Allied Matters Act (CAMA), to be known as the Nigerian National Petroleum Company Ltd.,” he said.
The minister also saluted the President for his unparalleled leadership, steadfastness and unalloyed support toward restoring Nigeria’s oil and gas industry on a sound footing to meet the energy needs of a fast-changing world.
Speaking on the high expectations and optimism with the unveiling of the NNPC Ltd., he said the leadership of the new company is super-charged to meeting the high expectations.
He recalled that while waiting for the PIA, Nigeria’s oil and gas industry lost about $50 billion worth of investments. He recalled that between 2015 and 2019, KPMG said: “only four per cent of the $70 billion investment inflows into Africa’s oil and gas industry came to Nigeria even though the country was the continent’s biggest producer and the largest reserves.
NNPC Ltd is positioned to lead Africa’s gradual transition to renewable energy by deepening natural gas production to create low carbon alternatives and possibly change of energy at home and around the world.
Sylva said the PIA assures international and local oil companies of adequate protection for their investments, as the petroleum industry was no longer rudderless.
“The PIA avails us the golden opportunity to strengthen our institutions, improve our regulatory and fiscal frameworks and attract the much-needed investments,” he added.
He commended the President for demonstrating unshakeable commitment of emplacing the entire Nigerian oil and gas industry on the path of growth, profitability and prosperity.
The Group Chief Executive, NNPC Ltd., Mele Kyari, in his welcome address said the company is striving to be among the world’s leading energy companies.
He said: “This is a new day, a new era and a new opportunity to upscale our relevance in the global energy community as Africa’s largest energy company, endowed with the best human resources found anywhere in the world.
“NNPC Ltd. is positioned to lead Africa’s gradual transition to renewable energy by deepening natural gas production to create low carbon alternatives and possibly change of energy at home and around the world.
“Our drive for organisational sustainability is hinged on our renewed commitments to partnerships that deliver to all; we aim to be the global energy company of choice. “We have taken a strategic mandate to achieve energy security for our country by running an expansion plan to grow our fuel retail presence from 547 to over 1500 outlets within the next six months.”
