Protocols:
Let me start by welcoming our most respected and invited guests from across the world to the historic Presidential unveiling of the NNPC Limited. This is a landmark event for the Nigerian oil industry.
Our country places high premium in creating the right atmosphere that supports investment and growth to boost our economy and continue to play on important role in sustaining global energy requirements.
We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities.
By chance of history, I was privileged to lead the creation of the Nigerian National Petroleum Corporation on the 1st July 1977. Forty-Four (44) years later, I was again privileged to sign the Petroleum Industry Act (PIA) in 2021, heralding the long-awaited reform of our petroleum sector.
The provisions of PIA 2021, have given the Nigerian petroleum industry a new impetus, with improved fiscal framework, transparent governance, enhanced regulation and the creation of a commercially-driven and independent National Oil Company that will operate without relying on government funding and free from institutional regulations such as the Treasury Single Account, Public Procurement and Fiscal Responsibility Acts.
It will, of course, conduct itself under the best international business practice in transparency, governance and commercial viability.
Coincidentally, I, on the 1st of July 2022 authorized transfer of assets from the Nigerian National Petroleum Corporation to its successor company, the Nigerian National Petroleum Company Limited, and steered the implementation leading to the unveiling of Africa’s largest National Oil company today.
I therefore thank Almighty God for choosing me to consistently play on important role in shaping the destiny our National Oil Company from the good to the great.
NNPC Limited will operate as a commercial, independent and viable NOC at par with its peers around the world, to sustainably deliver value to its over 200 Million shareholders and the global energy community, while adhering to its fundamental corporate values of Integrity, Excellence and Sustainability.
NNPC Limited is mandated by law to ensure Nigeria’s National Energy Security is guaranteed to support sustainable growth across other sectors of the economy as it delivers energy to the world.
It is therefore my singular honour and privilege on this historic day of 19th July 2022, to unveil the NNPC Limited, with focus on becoming a dynamic global energy company of choice to deliver energy for today for tomorrow, for the day days after tomorrow.
I would now like to thank the leadership and members of the National Assembly for demonstrating uncommon courage and patriotism in the passage of Petroleum Industry Act that culminated in the creation of NNPC Limited.
Your Excellencies, distinguish guests, honourable ladies and gentlemen I thank you all for coming to witness this historic occasion.
God bless the Federal Republic of Nigeria.
