NNPC Rebirth: Nigerians Now NNPC Limited Shareholders

President Mohammadu Buhari today at the Aso Rock launched the new Nigeria National Petroleum Corporation Limited, NNPC Limited.


The move is in line with the directive given to the Minister of petroleum Resources to ensure that NNPC move from being a corporation to limited liability within six months of signing the Petroleum Industry Act (PIA) of 2021. The PIA was signed into law by Mr President, Buhari in 2021 to promote accountability, transparency and in line with the global energy best practices.


The law mandated NNPC to be run as a limited liability company. Consequently, NNPC registered with CAC as a limited liability company in September 2021 with a share capital of ₦200 billion, making it the largest company in Nigeria per share capital.

 

With over 200 million Nigerians as shareholders, the company will be run as a private energy company and will compete with multinational energy companies all over the world. Meaning that NNPC is now free from institutional regulations.


Recall that in 2021, Senator Ifeanyi Ararume was appointed as the Chairman, Board of Directors for the new NNPC by President Mohammadu Buhari. He was removed weeks later and replaced with Senator (Mrs) Margery Chuba Okadigbo. The current NNPC managing director is now redesignated as GCEO.


All these means that there is no longer NNPC like before been managed by the government. The new NNPCL will be managed by the board of the directors and there will be annual auditing of the company. And the objective is entirely profit driven.


The event which took place today in the presidential villa, had in attendance, several dignitaries. Speaking during the event, president Buhari said the corporation is being repositioned in line with global best practices to strengthen it's capacity and proffer solutions to the global energy demand. He assures that the new company will be independent, and operate as a commercial entity while delivering value to Nigerians and the over 200 million shareholders.


Related Post: Police Character Certificate Price Goes Up To ₦40,000 from ₦5,000



Also speaking, the Minister of State for Petroleum Resources, Timipre Sylva assures investors of their capital protection and transparency. He described the new development as the new dawn in the oil and gas sector of Nigeria and thank Mr President for the support and the initiative.


A popular Nigerian musician, Asa entertained the guest as she performed her famous Fire on the mountain track.

Location: Nigeria

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