President Muhammadu Buhari has unveiled the Nigerian National Petroleum Company Limited (NNPCL) just as the new firm will expand its retail outlets to 1,500.
Speaking on Tuesday at the State House, Buhari said: “It is therefore my singular honour and privilege on this historic day of 19th July 2022, to unveil the NNPC Limited, with focus on becoming a dynamic global energy company of choice to deliver energy for today for tomorrow, for the day and days after tomorrow.”
The president reflected on the honor it was for him to preside over the establishment of the Nigerian National Petroleum Corporation (NNPC) on July 1, 1977, saying that 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.”
According to Buhari, the NNPCL is now independent and will conduct itself in accordance with the best international business practices in terms of transparency, governance, and commercial viability according to the provisions of PIA 2021.
“Coincidentally, I, on the 1st of July 2022 authorized transfer of assets from the Nigerian National Petroleum Corporation to its successor company, the Nigerian National Petroleum Company Limited, and steered the implementation leading to the unveiling of Africa’s largest National Oil company today,” Buhari stated.
Timipre Sylva, the Minister of State for Petroleum Resources, praised Buhari for the PIA 2021, which was in effect for 20 years.
He said, “While the country was waiting for the PIA, Nigeria’s oil and gas industry lost about $50 billion worth of investments. In fact, between 2015 and 2019, KPMG states that “only four per cent of the $70 billion investment inflows into Africa’s oil and gas industry came to Nigeria even though the country is the continent’s biggest producer and the largest reserves.”
The new industry, he claimed, had rendered all of those obsolete.
Mele Kyari, the Group Chief Executive Officer (GCEO) of NNPCL, praised President Buhari for the PIA and the reforms of the NNPC, which ran for 45 years, and said the company’s debut signaled a fresh beginning.
Regarding the company’s plans, Kyari stated that through partnerships, the company had developed a strong expansion plan to increase its retail outlets from 547 units to 1,500 outlets during the following six months.