Nigeria’s President Muhammadu Buhari has today unveiled the new Nigerian National Petroleum Company Limited (NNPC Limited) in line with the provisions of the Petroleum Industry Act (PIA), 2021.
The transition from a corporation, which took place at the State House, Abuja, is aimed at promoting transparency, accountability and energy security.
Speaking at the event, President Buhari described the unveiling as a landmark event that will position the NNPC to compete with other developed countries globally.
It is worthy to note that President Buhari lead the creation of the NNPC on July 1, 1977, signed the PIB 44 years later in 2021 and today unveiled the switch from a corporation to a limited liability company.
The Act enables NNPC Limited to run a commercial and profit-focused operation as an organisation under the Companies and Allied Matters Act (CAMA).
As Nigerians grapple to understand the implications of the transition, here are five facts to note:
- The NNPC has not been sold as it is still wholly owned by the Federal Government but will operate like a commercially-run Limited Liability Company.
- Operations of the new NNPC will be run by a Board of Directors chaired by former Senator Margaret Cuba Okadigbo.
- The nomenclature of the Group Managing Director (GMD) has changed to Group Chief Executive Officer (GCEO), in line with the PIA.
- The new NNPC Limited will be regulated in line with CAMA.
- NNPC has over 200 million shareholders, with N200 billion share capital, the highest for any single company in the country.
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The unveiling ceremony today was attended by Senate President Ahmed Lawan, Speaker of the House of Representatives Femi Gbajabiamila, Minister of State for Petroleum Resources, Timipre Sylva, Group Managing Director of NNPC Mele Kyari, Secretary to the Government of the Federation, Boss Mustapha and other stakeholders in the oil and gas sectors.