We expect NNPC to be nothing less than global oil company – Buhari



Buhari signs PIB

President Muhammadu Buhari Friday received the certificate of incorporation of the Nigeria National Petroleum Company Limited, saying the country expects nothing less from the Board of Directors, the Chief Executive Officer, and the Chief Finance Officer, “than the realization of a national oil company that this nation desires and deserves.”

Presidential Spokesman,Femi Adesina disclosed thisnin a statement Friday.

Under the recently signed Petroleum Industry Act (PIA), the Nigerian National Petroleum Corporation (NNPC), was expected to to a limited liability company, a fact that has now been accomplished.

The President described the incorporation as “a significant milestone in our quest to create an enduring National Energy Company that can compete with its peers and deliver value to its shareholders, the Nigerian people.”

He said his expectation was for a speedy transition through taking all steps required to transfer assets, human and material, “and without wasting time to capitalize the company as required by the Petroleum Industry Act.”

President Buhari said he was happy to note National Assembly has confirmed his nominations for the Board and Management of the two institutions, and expects immediate take-off to effective implementation of the provisions of the PIA “on accelerated gas development and optimization of oil production and support for energy transition.”

In his remarks, Group Managing Director of NNPC, Mele Kolo Kyari, said the incorporation was “history made again, a massive transformation from what we know, to where we are going,” under the leadership of President Muhammadu Buhari.

He added that lots of have been delivered in the past six years, “and we still have further accountability and to deliver.”

Registrar/Chief Executive Officer of the Corporate Affairs Commission, Alhaji Garba Abubakar, said the registration, accomplished within 24 hours, has complied with all requirements of the Companies and Allied Matters Act (CAMA), and the PIA, disclosing new company is one with largest capitalization of N200 billion in the country.

He added registration in the short time, “underscores strong collaborations among agencies of government.”