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 recalled how he was privileged to lead the creation of the Nigerian National Petroleum Corporation (NNPC) on July 1, 1977, adding 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.”
Buhari said with the provisions of PIA 2021, NNPCL is now independent and will conduct itself under the best international business practice in transparency, governance and commercial viability.
“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.
The Minister of State Petroleum Resources, Timipre Sylva, lauded Buhari for the PIA 2021 which lingered 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.”
He however said all those had become past with the new industry.
The Group Chief Executive Officer (GCEO), NNPCL, Mele Kyari, said the unveiling of the firm marked a new beginning, commending President Buhari for the PIA and the reforms of the NNPC which operated for 45 years.
On the plans of the company, Kyari said the firm had created a robust expansion plan to increase its retail outlets from 547 units to 1,500 outlets within the next six months, stating that this would be done through partnerships.