Tuesday’s unveiling of the new Nigerian National Petroleum Company Limited by President Muhammadu Buhari marked the official transition of the oil company from an entirely state-run organization to a for-profit business limited by shares.
In contrast to the past corrupt government organization, the NNPC Limited is anticipated to be run as a private energy company.
At Abuja’s presidential banquet hall, the unveiling took place.
“We are transforming our petroleum industry to strengthen the growth today July, 19 2022,” Mr Buhari said at the event.
“NNPC Limited now will operate as a commercial oil company with over 200 million shareholders with integrity and excellence0.”
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 force 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.