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PIA: Buhari at launch of NNPC Limited—says transformation will enhance Nigeria’s oil market relevance

President Muhammadu Buhari has unveiled the Nigerian National Petroleum Company Limited (NNPC) Limited—saying the transformation will strengthen the market relevance of Nigeria’s oil sector. 

Technocrat Media, Abuja

President Muhammadu Buhari has unveiled the Nigerian National Petroleum Company Limited (NNPC) Limited—saying the transformation will strengthen the market relevance of Nigeria’s oil sector. 

The official relaunch of the NNPC marked the full transformation of the oil firm from a state-run oil corporation to a commercial company—following the Petroleum Industry Act (PIA) 2021. 

On July 1, 2022, NNPC Limited legally transformed into a company whose operations and activities are now fully regulated under the Companies and Allied Matters Act (CAMA) of the Corporate Affairs Commission (CAC).

According to TheCable, Mr Buhari while speaking at the event, said the transformation would strengthen the capacity and market relevance of Nigeria’s oil industry. 

“This is a landmark event for the Nigerian oil industry. Our country places a high premium on creating the right atmosphere that supports investment and growth to boost our economy and continues 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,” he said. 

“By chance of history, I was privileged to lead the creation of the Nigeria National Petroleum Corporation on July 1, 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 provision of PIA 2021 has given the Nigerian petroleum Industry a new impetus with the 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 (TSA), public requirement and fiscal responsibility act (FRA).

“It will, of course, conduct itself under the best international business practices in transparency, governance, and commercial viability. 

“Coincidentally, on the first of July 2022, I authorised the transfer of assets from the NNPC to a successor company, the Nigerian National Petroleum Company Limited (NNPC) Limited, and stirred the implementation leading to the unveiling of Africa’s largest national oil company today.”

The president added that NNPC Limited would now operate as a commercial oil company and deliver value to over 200 million shareholders (Nigerians) with integrity and excellence.

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