President Muhammadu Buhari on Tuesday unveiled the new Nigerian National Petroleum Company Limited (NNPCL), which formally transformed the old government-owned Nigerian National Petroleum Corporation (NNPC) into a full commercial oil company, limited by shares.
Speaking at the epoch-marking event at the banquet hall of the Presidential Villa in Abuja, the President said: “We are transforming our petroleum industry to strengthen the growth today July, 19 2022.
“NNPC Limited now will operate as a commercial oil company with over 200 million shareholders with integrity and excellence”, Buhari added.
The official unveiling came a few weeks after the former Nigerian National Petroleum Corporation (NNPC) transitioned into a company which activities will be regulated by the Companies and Allied Matters Act (CAMA).
Based on the provisions of the new Petroleum Industry Act, the legal transition of the corporation to a private entity took effect July 1 this year. Before the July 1 formal transition, the NNPC Limited had completed its incorporation in September last year after the amended Petroleum Industry Bill (PIB) was signed into law by President Buhari.
The NNPC Limited was then floated with an initial capital of N200 billion making history as the company with the highest share capital in the nation’s investment market.
