- On Tuesday, 19 July 2022, President Muhammdu Buhari officially unvieled a new NNPC
- This brings to an end of 44 years operating as a government entity and a beginning of a private company
- In NNPC there are over 23 subsidiaries, some of which are party-owned and operations outside Nigeria
It is a new birth for the Nigerian National Petroleum Company Limited as it transitions into a profit-making oil corporation in Nigeria.
Since April 1, 1977, NNPC has operated as a government-owned corporation, during which it made investments and founded various subsidiaries around the world.
These subsidiaries operate at different levels in the global oil and gas market.
The performance of these companies has a huge role to play in the overall profit, and losses declared by NNPC limited.
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In its most recent annual report, NNPC reveals 23 of its subsidies, 20 of which are 100% owned.
Statisense reports that the subsidiaries run businesses in both Nigeria and Europe, and several of them were founded in island countries.
Full list of NNPC subsidiaries and country of operation
- NNPC Retail: 100%
- Duke Global Energy Inv: 100% (UK)
- Duke Oil Services UK: 100% (UK)
- Duke Oil Company Inc: 100%
- Nig Petroleum Dev Co: 100%
- Warri Refining & Petrol Co: 100%
- Nigeria Gas Company: 100%
- PH Refining Co Ltd: 100%
- Petrol Products Mkt Co: 100%
- Nat Engr & Tech Co: 100%
- Int Data Services Ltd: 100%
- The Wheel Insurance Co: 100% (Guernsey, Channel Islands)
- Nig Gas Mkting Co Ltd: 100%
- Nig Pipelines & Storage Co: 100%
- NNPC HMO: 99%
- NGas Ltd: 62% (Bermuda)
- Nidas Marine Ltd: 100%
- Nidas Shipping Ltd: 100% (UK)
- NNPC LPG: 100%
- NNPC LNG: 100%
- NNPC Oilfield Services: 99%
- NNPC Gas & Power Inv Co: 100%
- National Petroleum Telecoms Co: 100%
President Buhari lists Do and Don'ts for NNPC
Meanwhile Legit.ng had earlier reported President Muhammdu Buhari has set a new target for that new NNPC.
In his speech at the unveiling, Buhari stated that the new NNPC has been repositioned for growth and must deliver.
The president also listed the dos and don'ts as he ushered in a new phase for the 44-year-old oil company