44 Years After Leading Creation of Top Oil Firm, Buhari Unveils 'New NNPC'
- Exactly 44 years after leading a team that created the Nigerian National Petroleum Corporation, President Muhammadu Buhari has unveiled a new NNPC
- The unveiling of the transition of the NNPC to a commercial oil company took place at the Presidential Villa on Tuesday, July 19
- According to President Buhari, the limited company will now operate as a commercial oil company with over 200 million shareholders with integrity and excellence
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On Tuesday, July 19, President Muhammadu Buhari unveiled the new Nigerian National Petroleum Company Limited, a transition of the Nigerian National Petroleum Corporation (NNPC).
Premium Times reports that the unveiling of the NNPC Limited by President Buhari occurred at a landmark event which officially changes the nation's top oil firm from a wholly state-run entity to a commercial oil company, limited by shares.
Source: Twitter
The event took place at the presidential banquet hall in Aso Rock, Abuja, Nigeria's capital city.
The company with this new transition is expected to operate as a private energy enterprise, unlike the former government organisation.
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Transitioning after 44 years of creation
Speaking at the event, President Buhari said that the essence of the transition is to transform Nigeria's petroleum industry to strengthen its growth,
His words:
“NNPC Limited now will operate as a commercial oil company with over 200 million shareholders with integrity and excellence.
By chance of history, I was privileged to lead the creation of the NNPC, on July 1, 1977. I was again privileged to sign the PIB in 2021, 44 years later, heralding the long-awaited reform of the Nigerian oil and gas industry."
The official unveiling is a sequel to the corporation transitioning into a company whose operations will be regulated by the Companies and Allied Matters Act (CAMA).
This took effect from Friday, July 1, through a legal transition based on the new Petroleum Industry Act that led to the NNPC's complete incorporation in September 2020 barely weeks after the PIA was signed into law by President Buhari.
The NNPC Limited was then floated with an initial capital of N200 billion making history as the company with the highest share capital in the country.
It is also expected to become a commercially oriented and profit-driven national petroleum company independent of government and will be audited annually, although government bodies remain its shareholders.
NNPC announces new official pump price weeks it begins a new era after 44 years
Motorists across the country will be paying a new price for petrol as the NNPC officially raised the pump price.
This comes days after marketers stated that they could no longer sell at the permitted price of N165 per litre.
The development is expected to raise the cost of transportation for Nigerians across the country.
NNPC announces no money, despite N1.89trn revenue
In another report, the Nigerian National Petroleum Corporation (NNPC) had announced it has no money to share with federal states and local governments.
Providing a breakdown of its finance, NNPC revealed it made N1.89 trillion in five months, but most of the money has been spent.
World Bank has expressed concern that Nigeria could be heading for a massive fiscal crisis due to continue subsidy payments.
Source: Legit.ng
