Mele Kyari, Group Managing Director of the Nigerian National Petroleum Company Ltd, has stated that the transformation currently at the NNPC will position it to capitalise on global energy transition opportunities.
The NNPC GMD made the remarks at the first National Extractives Dialogue in Abuja, which was co-hosted by the Nigeria Extractive Industries Transparency Initiative (NEITI) and Spaces for Change (S4C), an indigenous civil society organisation, and was funded by the Ford Foundation.
President Muhammadu Buhari yesterday officially unveiled the Nigerian National Petroleum Company Ltd, signalling the Company’s transition by the provisions of the Companies and Allied Matters Act. He also stated that the company is mandated by law to ensure Nigeria’s national energy security.
The NNPC’s conversion to a CAMA company follows the passage of the Petroleum Industry Act. On September 21, last year, the Corporate Affairs Commission completed the incorporation of the NNPC Ltd by the provisions of the Petroleum Industry Act 2021.
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President Muhammadu Buhari signed the PIA into law on August 16, 2021, following its passage by the National Assembly in July of that year.
The president stated at the historic event at the State House Conference Centre that Africa’s largest national oil company (NOC) would also support sustainable growth across other sectors of the economy as it delivers energy to the world.
The president recounted how God had used him to consistently play an important role in shaping the destiny of the country’s NOC in the last 45 years in a statement issued by presidential spokesman, Femi Adesina, at the event, which featured a special rendition of the theme song “Energy for Today, Energy for Tomorrow, Energy for Everyone” by an ensemble.
He expressed confidence that the NNPC Limited will continue to provide value to its over 200 million shareholders and the global energy community while remaining independent of government funding and free of institutional regulations such as the Treasury Single Account (TSA).
Buhari said, ‘‘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.
By chance of history, I was privileged to lead the creation of the Nigerian National Petroleum Corporation on the 1st of July 1977. Forty-four years later, I was again privileged to sign the Petroleum Industry Act (PIA) in 2021, heralding the long-awaited reform of our petroleum sector”.
As a result, the president assured industry stakeholders that Africa’s largest NOC will uphold its fundamental corporate values of integrity, excellence, and sustainability while operating as a commercial, independent, and viable NOC on par with its peers worldwide.
He went on to say that the company would focus on becoming a dynamic global energy company of choice for delivering energy today, tomorrow, and the days after tomorrow.