The Federal Government today wound up the Nigerian National Petroleum Corporation after 46 years of operation and its place, the Petroleum Industry Act enabled Nigerian National Petroleum Company Limited took over as the nation’s oil company.
NNPCL was set up in 2021 in line with the Corporate Affairs Commission’s companies registration rules following the enactment of the Petroleum Industry Act.
Speaking at an event to officially mark the end of NNPC in Abuja, Minister of State, Petroleum Resources, Timipre Sylva, said with the reforms introduced by the Federal Government, NNPCL is expected to be a competitive and commercially oriented company.
Sylva explained that the reforms are expected to make the Nigerian oil and gas industry attractive to investors both locally and foreign.
According to him, “The PIA empowered NNPC Limited to operate like every private company in Nigeria with exemption from the Fiscal Responsibility Act, Public Procurement Act and TSA in order ensure there are no excuses for failure.
“In return for this empowerment the PIA expects a strong commercially oriented National Energy company with an obligation to operate profitably and deliver dividends to shareholders
“NNPC Limited is positioned to lead Africa’s gradual transition to new energy, by deepening natural gas production to create low-carbon alternatives and change the story of energy poverty at home and around the world”.