President Muhammadu Buhari, Tuesday in Abuja, recounted how God had used him to consistently play an important role in shaping the destiny of the country’s National Oil Company(NOC) in the last 44 years.
The President who gave the account while speaking during the unveiling of the new Nigerian National Petroleum Company Limited (NNPC Limited) at the State House Conference Centre, thanked God for giving him the opportunity.
He said, “By chance of history, I was privileged to lead the creation of the Nigerian National Petroleum Corporation on the 1st July 1977. Forty-Four (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.
“The provisions of PIA 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.
“Coincidentally, I, on the 1st of July 2022 authorized 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.
“I therefore thank Almighty God for choosing me to consistently play an important role in shaping the destiny of our National Oil Company from the good to the great”.
Speaking further, the President declared that the new entity was now free from institutional regulations.
“The provisions of PIA 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”, he said.
The President also said, “NNPC Limited will operate as a commercial, independent, and viable NOC at par with its peers around the world to sustainably deliver value to its over 200 million shareholders and the global energy community while adhering to its fundamental corporate values of integrity, excellence, and sustainability.”
Buhari thanked the leadership and members of the National Assembly for demonstrating uncommon courage and patriotism in the passage of PIA that culminated in the creation of NNPCL.
