EDITOR’S PICK
EKO HOT BLOG reports that President Muhammadu Buhari has officially unveiled the new identity and logo for the Nigerian National Petroleum Company (NNPC), which is now a limited liability company.
The unveiling is in line with the provisions of the Petroleum Industry Act 2021.
The development signals a new era of transparency, accountability and energy security for the country.
The new identity has transformed the NNPC Ltd into a commercially driven and independent entity, with the responsibility to declare dividends to its shareholders.
Buhari expressed delight he had consistently had the opportunity to shape the course of the petroleum industry in the country.
He thanked the National Assembly for facilitating the passage of the Petroleum Industry Act (PIA), which had been in the works over different administrations but only came to reality during the current dispensation.
Buhari also described the unveiling as a landmark event as it has given the NNPC Ltd a footing to operate in a competitive manner in line with its peers globally.
He said under the new dispensation, the NNPC Ltd will be free from government funding and other bottlenecks such as the Treasury Single Account and proxyrement bureaucracies among others.
He said, “This is a landmark event for the oil industry. We are transforming our petroleum industry to strengthen its capacity and market relevance.
“The provision of PIA will make the NNPC conduct its business with transparency and commercial viability. On July 1, I authorized the transfer of assets from the Nigerian National Petroleum Corporation to NNPC Ltd leading to the unveiling of Africa’s largest oil company today.
“NNPC Ltd will operate as a commercial, independent and viable national oil company at par with its peers globally with its 200 million shareholders while adhering to the principle if integrity and transparency.
“It is mandated by law to ensure energy security as it delivers energy to the world.”
He commended the leadership of the National and members of the Assembly for their patriotism in passing the PIA 2021.
FURTHER READING
The motto of the new logo unveiled by the President reads “NNPC: Energy for today, Energy for tomorrow.”
President Buhari unveiling new NNPC Logo
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