President Muhammadu Buhari on Tuesday officially unveiled the Nigerian National Petroleum Company Limited (NNPCL), formally known as the Nigerian National Petroleum Corporation.
The new firm will expand its retail outlets to 1,500.
In his remark at the event which took place at the State House, President Buhari said: “It is therefore my singular honour and privilege on this historic day of 19th July 2022, to unveil the NNPC Limited, with focus on becoming a dynamic global energy company of choice to deliver energy for today for tomorrow, for the day and days after tomorrow.”
Buhari, who is also the substantive minister of Petroleum, recalled how he was privileged to lead the creation of the Nigerian National Petroleum Corporation (NNPC) on July 1, 1977, adding that 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 president said with the provisions of PIA 2021, NNPCL is now independent and will conduct itself under the best international business practice in transparency, governance and commercial viability.
On his part, the Minister of State Petroleum Resources, Timipre Sylva, lauded Buhari for the PIA 2021 which lingered for 20 years.
He said, “While the country was waiting for the PIA, Nigeria’s oil and gas industry lost about $50 billion worth of investments. In fact, between 2015 and 2019, KPMG states that “only four per cent of the $70 billion investment inflows into Africa’s oil and gas industry came to Nigeria even though the country is the continent’s biggest producer and the largest reserves.”
Mr Mele Kyari, who is the maiden Group Chief Executive Officer (GCEO), NNPCL, said the unveiling of the firm marked a new beginning, commending President Buhari for the PIA and the reforms of the NNPC which operated for 45 years.