By Teddy Nwanunobi
President Muhammadu Buhari, on Friday, said that the country expects nothing less from the Board of Directors, the Chief Executive Officer, and the Chief Finance Officer, “than the realisation of a global national oil company that this nation desires and deserves”.
Buhari made the statement when he received the certificate of incorporation of the Nigeria National Petroleum Company Limited.
“The expectation was for a speedy transition, through taking all steps required to transfer assets, human and material”
Under the recently signed Petroleum Industry Act (PIA), the NNPC is expected to transform to a limited liability company – a fact that has now been accomplished.
Buhari described the incorporation as “a significant milestone in our quest to create an enduring National Energy Company that can compete with its global peers and deliver value to its shareholders, the Nigerian people”.
He said that his expectation was for a speedy transition, through taking all steps required to transfer assets, human and material, “and without wasting time to capitalise the company as required by the Petroleum Industry Act”.
Buhari said that he was happy to note that the National Assembly has confirmed his nominations for the Board and Management of the two regulatory institutions, and expects immediate take-off to facilitate effective implementation of the provisions of the PIA “on accelerated gas development and optimisation of oil production and support for energy transition”.
In his remarks, the Group Managing Director (GMD) of the NNPC, Mallam Mele Kolo Kyari, said that the incorporation was “history made again, a massive transformation from what we know, to where we are going,” under Buhari’s leadership.
He added that lots of values have been delivered in the past six years, “and we still have further accountability and values to deliver”.
The Registrar/Chief Executive Officer of the Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, said that the registration, which was accomplished within 24 hours, has complied with all requirements of the Companies and Allied Matters Act (CAMA), and the PIA.
He also disclosed that the new company is one with the largest capitalisation of N200 billion in the country.
He added that the registration in the short time, “underscores strong collaborations among agencies of government”.