NNPC, which has now transformed, will run as a commercial and profit-focused organisation under the Company and Allied Matters Act
By Kehinde Okeowo
President Muhammadu Buhari on Tuesday, July 19 unveiled the new Nigerian National Petroleum Company Limited ( NNPC LTD) in a ceremony that officially marks the transitioning of the oil firm from a state-run entity to a fully commercialised oil company, limited by shares.
The unveiling took place at the presidential banquet hall in Abuja with top government officials in attendance.
With this development, the oil company is expected to be managed as a private energy enterprise.
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During the ceremony, Buhari said: “We are transforming our petroleum industry to strengthen the growth today July 19, 2022.
“NNPC Limited now will operate as a commercial oil company with over 200 million shareholders with integrity and excellence.”
The unveiling had the Senate President, Ahmad Lawan; the Minister of State for Petroleum Resources, Timipre Sylva; and the Group Managing Director of NNPC, Mele Kyari; among other top stakeholders in the oil and gas sector.
The transitioning from NNPC Group to NNPC Limited is in accordance with the Petroleum Industry Act.
According to the Act, NNPC Limited will run a commercial and profit-focused organisation under the Company and Allied Matters Act (CAMA).