President Muhammadu Buhari unveiled the new Nigerian National Petroleum Company Limited (NNPC Ltd.) on Tuesday, a historic event that transforms the oil company from a totally state-run organisation to a commercial oil company with shares.
Contrary to the unbridled corruption ravaging the government organisation, the NNPC Limited is anticipated to be run as a commercial energy company.
The unveiling took place at the presidential banquet hall, Abuja.
THE MOMENT WE'VE ALL BEEN WAITING FOR!
— NNPCLimited (@nnpclimited) July 19, 2022
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Buhari stated at the occasion, "We are reforming our petroleum business to support 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 corporation changed into a company whose operations will be governed by the Companies and Allied Matters Act weeks before the ceremonial launch (CAMA).
A new Petroleum Industry Act-based legal transition went into effect on July 1.
Weeks after President Buhari had signed the PIA into law, the NNPC finished the process of becoming incorporated in September of last year.
Then, with an initial capitalisation of N200 billion, The NNPC Limited was floated, becoming record-breaking as the corporation with the greatest share capital in the nation.
The new organisation is anticipated to develop into a national petroleum corporation that is profit-driven and commercially focused, but which is still owned by the government.
It will undergo a yearly audit.
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