Barring any last-minute change, the Nigerian National Petroleum Corporation, NNPC, would Tuesday, July 19, 2022 be formally unveiled as limited liability company by President Muhammadu Buhari to resonate with its strategic vision.
In September 2021, President Muhammadu Buhari directed the incorporation of the Nigerian National Petroleum Company Limited, a statement by Mr Femi Adesina, presidential spokesperson had indicated at that time.
“President Muhammadu Buhari, in his capacity as Minister of Petroleum Resources, has directed the incorporation of the Nigerian National Petroleum Company Limited.
“This is in consonance with Section 53(1) of the Petroleum Industry Act 2021, which requires the Minister of Petroleum Resources to cause for the incorporation of the NNPC Limited within six months of commencement of the Act in consultation with the Minister of Finance on the nominal shares of the Company,” Mr. Adesina’s statement stated at that time.
The NNPC which is Nigeria’s oil pride entity is rebranding to new identity in its operation as a limited liability company under the Companies and Allied Matters Act, CAMA, and had commenced assets transfer documents by the Ministers of Petroleum and Finance.
Speaking not long ago on the development in Abuja, Malam Mele Kyari, Group Managing Director (GMD)/Chief Executive Officer (CEO) of NNPC Ltd, during an engagement session with business leaders across the company’s value chain, said that they were working to comply with the provisions of the PIA.
According to Kyari, NNPC was doing everything possible to ensure compliance with the provisions of the Petroleum Industry Act, PIA, with regards to guidelines and timelines for action.
He also explained that with the level of assets available combined with the new fiscal regime, NNPC Ltd. was set to become the number one energy company in Africa, noting that global brands interested in doing business with the new NNPC Ltd. needed to be sure of the company’s asset base.
He added that the success or otherwise of the company depends heavily on how the change is managed.
The journey started on August 16, 2021 when President Buhari signed the PIA, 2021 into law following its passage by the National Assembly in July of the same year.
Thereafter, the NNPC Ltd floated an initial capital of N200 billion making history as the company with the highest share capital in the country.
