With NNPC Ltd Unveiling, We Are Better Positioned To Lead Africa In Energy Transitioning—Kyari

The Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd, Mr. Mele Kyari has said that with the official unveiling by President Muhammadu Buhari, the entity is better positioned to lead Africa in the drive for energy transitioning.

Kyari who said this on Tuesday at the official unveiling of the NNPC Ltd by President Buhari, explained that the National Oil Company will lead the gradual transition to renewable energy by using natural gas transition to create low carbon alternatives to possibly change the story of energy in homes and around the world.

The unveiling event was attended by the Group Chief Executive Officer of the NNPC Ltd, Mele Kyari, Chairman of the Board of NNPC Margary Okadigbo, the Minister of State for Petroleum Resources Timipre Sylva, the Senate President Ahmed Lawan, Speaker of the House of Representatives Femi Gbajiabiamila and other top officials in the public and private sectors of the Nigerian economy.

The Corporate Affairs Commission had on September 21 last year, completed the incorporation of the NNPC Ltd in accordance with the provisions of the Petroleum Industry Act 2021.

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

With the registration by the CAC, the NNPC Ltd was floated with an initial capital of N200bn making history as the company with the highest share capital in the country.

Speaking at the event, Kyari commended the President for his doggedness in ensuring that a robust legislation in the form of the PIA is enactment for Nigeria’s oil and gas industry.

He said, “For us in the energy sector your excellency, we cherish your reform decision that created the NNPC as a corporation in 1977.

“The courageous reform you have instituted in the passage of the petroleum industry in 2021, the leadership and direction you have given us in creating a viable and commercially driven energy company and your kind presence today to unveil yet another promise to our nation into the world, we will continue to be grateful to your legacies Mr. President and we are consistently transforming the Nigerian petroleum industry at different times over the year.

“This is indeed a new hope and a new day and new opportunity to upscale our relevance in the global community as Africa’s largest energy company.

“Endowed with the best Human Resources one can find anywhere in the world, NNPC limited is positioned to lead Africa’s gradual transition to renew energy by using natural gas transition to create low carbon alternatives to possibly change the story of energy in homes and around the world.”

The NNPC Ltd Boss explained further that with its established governance framework, system, and processes, the Company is now better placed to be the best company of choice.

In his speech at the event, Sylva said the implementation of the PIA, which led to the rebirth of NNPC Ltd is coming after two decades of setbacks in the oil and gas sector.

He explained that since the onset of this administration, the President never concealed his desires to create a more conducive environment for growth in the oil and gas sector and addressing legitimate grievances of community most impacted by the extracting industry.

The Minister lamented that while the country was waiting for the PIA, Nigeria’s oil and gas industry lost about $50bn worth of investment.

“In fact, in 2015 and 2019, KPMG stated that only four per cent of the $70bn investment influx to Africa’s oil and gas industry came to Nigeria as a country which is the biggest producer and largest reserves.

“We are setting all these woes behind us and a clear path for the survival and growth of our petroleum industry is now before us with the PIA assuring international and local oil companies of growth and sustainability,” he added.

Sylva further explained that the PIA has given Nigeria a golden opportunity to strengthen its institutions, improve regulatory and physical frameworks and attract the much-needed investments into the oil and gas sector.

He added, “Some of the golden opportunities presented by the reforms are coming at a time when the global energy convention is moving towards gas as a cleaner fuel.

“For a country so blessed in gas like ours, we cannot be happier and more excited. Let me therefore congratulate Mr. President, the Ministry of Petroleum Resources, NNPC limited and indeed all Nigerians for this remarkable milestone.

“By this singular development, Mr. President has demonstrated his unshakable commitment of placing the entire Nigerian oil and gas industry on the path of growth, profitability and prosperity.

“One of the magnanimous provisions of the PIA, which is being unveiled at this important occasion is the transition of the Nigerian National Petroleum Corporation into a fully commercial entity which would be a limited liability company.

“Incorporated under the Companies and Allies Matters Act to be known as NNPC Limited, the NNPC Limited will operate as a profitable commercial entity and declare dividends to its shareholders.”