President Muhammadu Buhari has unveiled the new Nigerian National Petroleum Company (NNPC) Limited, a development that changes the oil firm from a wholly state-run entity to a commercial oil company, limited by shares.
The unveiling took place at the Presidential Banquet Hall in Abuja
The transitioning from NNPC Group to NNPC Limited is in accordance with the Petroleum Industry Act.
Speaking at the event, President Buhari said, “We are transforming our petroleum industry to strengthen the growth today July, 19 2022.
“NNPC Limited now will operate as a commercial oil company with over 200 million shareholders with integrity and excellence.”
This comes weeks after the Corporation transitioned into a company whose operations will be regulated by the Companies and Allied Matters Act (CAMA), based on the new Petroleum Industry Act. This took effect from July 1.
The official unveiling was attended by President Muhammadu Buhari, Senate President, Ahmad Lawan, the Minister of State for Petroleum Resources, Timipre Sylva, the Group Managing Director of NNPC, Mele Kyari, and other stakeholders.