PIA: New Dawn For Oil & Gas Industry As Buhari Set To Unveil New NNPC Ltd July 19

Barring any unforeseen contingencies, President Muhammadu Buhari will on July 19 formally unveil the new Nigerian National Petroleum Company Ltd.

The unveiling of the new NNPC follows the implementation of the Petroleum Industry Act 2021.

The move marks a major milestone in the transitioning into a more viable petroleum industry made possible by the PIA 2021 which is attracting investments to support Nigeria’s economic growth and generate employment for Nigerians.

The PIA was signed into law by Buhari on 16th August, 2021, following its passage by the National Assembly in July of the same year.

Specifically, Section 53(1) of the Petroleum Industry Act 2021, requires the Minister of Petroleum Resources to cause for the incorporation of the NNPC Limited within six months of the enactment of the PIA in consultation with the Minister of Finance on the nominal shares of the Company.

In line with the PIA, the incorporation of the NNPC Ltd was done by the Corporate Affairs Commission on September 21 last year. This made the NNPC Ltd to be floated with an initial capital of N200bn making history as the company with the highest share capital in the country.

Buhari had in complying with the PIA inaugurated the NNPC Ltd board in January this year which is being chaired by Margery Chuba Okadigbo.

Other board members include Mele Kolo Kyari, Chief Executive Officer; Umar I. Ajiya, Chief Financial Officer; Tajudeen Umar (North-East); Lami O. Ahmed (North-Central); Mohammed Lawal (North-West); Henry Obih (South-East); Constance Harry Marshal (South-South) and Pius Akinyelure (South-West).

The President had charged members of the NNPC Ltd Board to ensure strict compliance with corporate governance principles and prioritise business with the highest ethical standards, integrity, and transparency.

Buhari said he expects the NNPC Ltd to focus on profitability and operate at par with its industry peers.

He said, “I expect the NNPC Limited to be mindful of our commitments to our net carbon zero aspirations and to ensure total alignment with the global energy transition realities.

“The Nigerian National Petroleum Company Limited is mandated to focus on profitability and continuous value creation beyond the simple fulfilment of legal and regulatory requirements.

“NNPC Limited is expected to operate at par with its industry peers across the world while acting as enabler company that will foster the development of other sectors of our economy.”