President Muhammadu Buhari has tasked the Nigeria National Petroleum Company Limited (NNPC) General Managing Director, Mele Kyari, Board of Directors, the Chief Executive Officer, and the Chief Finance Officer, to hit the ground running, work effectively, and in unison in making the national company a reference point across the globe following its incorporation.
He stated that it behooves on all principal officers, the board members and other manning key positions in the reformed NPPC to work assiduously in turning it to a global oil company such that Nigerians and generations yet unborn would be proud of.
Speaking on Friday after receiving the company’s certificate of incorporation, Buhari said that the country expects nothing less from the Board of Directors, the Chief Executive Officer, and the Chief Finance Officer, “than the realization of a global national oil company that this nation desires and deserves.”
The president 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 capitalize 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 optimization of oil production and support for energy transition.”
In his remarks, Kyari said that the incorporation was “history made again, a massive transformation from what we know, to where we are going,” under the president’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.”
On his part, the Chief Executive Officer of the Corporate Affairs Commission, Garba Abubakar, said that the registration, accomplished within 24 hours, has complied with all requirements of the Companies and Allied Matters Act (CAMA), and the PIA, disclosing that the new company was one with largest capitalization of N200 billion in the country. He added that the registration in the short time, “underscores strong collaborations among agencies of government.”