Nigerian 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.
With this development, the oil company is expected to be managed as a private energy enterprises
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.