President Muhammadu Buhari in Abuja Friday received the certificate of incorporation of the Nigeria National Petroleum Company Limited from the Corporate Affairs Commission (CAC).
Speaking at the event, the president noted that with the certification of the company, the country expected nothing less from the Board of Directors, the chief executive officer and the chief finance officer, “than the realisation of a global national oil company that this nation desires and deserves”.
Under the recently signed Petroleum Industry Act (PIA), the Nigerian National Petroleum Corporation (NNPC) is expected to transform to a limited liability company, a fact that has now been accomplished.
The president 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”.
President Buhari said he was happy to note that the National Assembly had confirmed his nominations for the board and management of the two regulatory institutions.
He expressed the hope that the institutions would immediately take off to facilitate effective implementation of the provisions of the PIA “on accelerated gas development and optimization of oil production and support for energy transition”.
In his remarks, the Group Managing Director of NNPC, Mele Kyari, said the incorporation was “history made again, a massive transformation from what we know, to where we are going” under the leadership of President Buhari.
He added that lots of values had been delivered in the past six years, “and we still have further accountability and values to deliver”.