President Muhammadu Buhari has observed that Nigeria expects nothing less from the new Board of Directors, the Chief Executive Officer, and the Chief Finance Officer of the NNPC other “than the realization of a global national oil company that this nation desires and deserves.”
Naija News reports that the President stated this on Friday when he received the certificate of incorporation of the Nigeria National Petroleum Company (NNPC) Limited.
Under the recently signed Petroleum Industry Act (PIA), the Nigerian National Petroleum Corporation (NNPC), was expected to transform into a limited liability company, a fact that has now been accomplished.
Buhari described the incorporation as “a significant milestone in our quest to create an enduring National Energy Company that can compete with its global 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.”
The President expressed delight over the National Assembly’s confirmation of his nominations for the Board and Management of the two regulatory institutions, and expects immediate take-off to facilitate effective implementation of the provisions of the PIA “on accelerated gas development and optimization of oil production and support for the energy transition”.
In his remarks, the 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 Buhari’s leadership.
He added that lots of values have been delivered in the past six years, “and we still have further accountability and values to deliver.”
The 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 that the new company is one with the largest capitalization of N200 billion in the country.
According to the President’s Special Adviser on Media and Publicity, Femi Adesina, who reported this in a statement, Abubakar added that the registration in the short time, “underscores strong collaborations among agencies of government”.