The President, Major General Muhammadu Buhari (retd.), on Tuesday officially unveiled the Nigerian National Petroleum Company Limited and declared that the new entity was henceforth free from institutional regulations.
Buhari, who made this public at the Presidential Villa, Abuja, stated that the oil firm would conduct itself under best international business practices.
He said, “The provisions of PIA (Petroleum Industry Act) 2021, have given the Nigerian petroleum industry a new impetus, with an improved fiscal framework, transparent governance, enhanced regulation, and the creation of a commercially-driven and independent national oil company that will operate without relying on government funding and free from institutional regulations such as the Treasury Single Account, Public Procurement, and Fiscal Responsibility Acts.
“It will, of course, conduct itself under the best international business practice in transparency, governance, and commercial viability.”
The President said the government was transforming the petroleum industry to strengthen its capacity and market relevance for current and future global energy priorities.
“By chance of history, I was privileged to lead the creation of the Nigerian National Petroleum Corporation on the July 1, 1977. Forty-Four years later, I was again privileged to sign the Petroleum Industry Act in 2021, heralding the long-awaited reform of our petroleum sector,” he stated.
The President further noted that coincidentally, “I, on July 1, 2022, authorised the 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.