30.6 C
Abuja
30.6 C
Abuja

NNPC Limited: Buhari charges company to operate in line with global best practices

Advertisement

Related

Advertisement
Advertisement

Share this story

PRESIDENT Muhammadu Buhari has charged the management of the Nigerian National Petroleum Company Limited (NNPC Ltd.) to ensure that the company operates in line with global best practices.

Making the charge today at the unveiling of the new NNPC Ltd., Buhari stressed that such a mode of operations would ensure the right atmosphere and investment growth that would enable Nigeria play its role as a key player in global energy security.


READ ALSO:

NNPC Limited will no longer bear burden of PMS import, subsidy – Kyari

NNPC’s cash-call failures, crude theft, poor environment fingered as oil majors exit Nigeria

Auditor-General queries NNPC GMD over failure to remit N663.89 billion to Federation Account

How $1.2m bribe paid to NNPC was used to finance Jonathan, Buhari’s elections


- Advertisement -

The old government-owned Nigerian National Petroleum Corporation has metamorphosed into the new NNPC Ltd., in line with the provisions of the Petroleum Industry Act 2021, with private investors to be allowed to own shares in the new public limited liability company.

The unveiling by the President at the State House in Abuja is expected to signal a new era of transparency, accountability and energy security for the country.

He described the unveiling as a landmark event that would give the NNPC Ltd a footing to operate in a competitive manner in line with its peers globally.

He said under the new dispensation, the NNPC Ltd would be free from government funding and other bottlenecks like the Treasury Single Account and procurement bureaucracies.

The President said, “This is a landmark event for the oil industry. We are transforming our petroleum industry to strengthen its capacity and market relevance.

“The provisions of the PIA will make the NNPC conduct its business with transparency and commercial viability. On July 1, I authorized the transfer of assets from the Nigerian National Petroleum Corporation to the NNPC Ltd, leading to the unveiling of Africa’s largest oil company today.

“NNPC Ltd will operate as a commercial, independent and viable national oil company at par with its peers globally with its 200 million shareholders, while adhering to the principle of integrity and transparency.

- Advertisement -

“It is mandated by law to ensure energy security as it delivers energy to the world.”

The President enthused that by chance of history, he had been at the forefront of leading reforms in Nigeria’s oil and gas sector.

“I was able to lead the creation of the Nigerian National Petroleum Corporation on 1st July 1977. Forty-four years later, I was again privileged to sign the PIA in 2021, heralding the long-awaited reforms of the petroleum sector,” he said.

He commended the leaders and members of the National Assembly  for what he described as their patriotism in passing the PIA 2021.

 

Author profile

Harrison Edeh is a journalist with the International Centre for Investigative Reporting, always determined to drive advocacy for good governance through holding public officials and businesses accountable.

Support the ICIR

We invite you to support us to continue the work we do.

Your support will strengthen journalism in Nigeria and help sustain our democracy.

If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation

Advertisement

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Support the ICIR

We need your support to produce excellent journalism at all times.

spot_img
Advertisement

Recent

Accra is congested, but should Ghana relocate it capital like Nigeria did?

By Stephen Appiah Takyi, Kwame Nkrumah University of Science and Technology (KNUST) and Owusu...

Nigeria ranks 27th among countries with highest number of prisoners

NIGERIA, with 74,059 inmates, is currently the 27th country with the highest number of...

Banks will accept rested notes after February 10 deadline – Emefiele

THE Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has assured Nigerians...

General Elections: INEC to engage NNPC Ltd over fuel supply concerns

THE Independent National Electoral Commission (INEC) said it would be meeting with the leadership...

How North Korean runs illegal hospital patronised by the high and mighty in Abuja

A PRIVATE hospital run by a man, Jongsu Kim, who claims to be Chinese...
Advertisement

Most Read

Advertisement

Subscribe to our newsletter

Advertisement