President Muhammadu Buhari has officially received the Certificate of Incorporation by the Corporate Affairs Commission (CAC) for the National Petroleum Company Limited.

Buhari disclosed this on Friday while receiving the documents, and challenged the new management stating that he expects nothing less “than the realisation of a global national oil company that this nation desires and deserves,” as the PIA requires NNPC to morph into a new limited liability company.

Buhari described the event as a significant milestone in Nigeria’s quest to create an enduring National Energy Company that can compete with its global peers and deliver value to its shareholders.

What the President said

President Buhari said he expects a quick transition to operations without wasting time to capitalize the company as required by the Petroleum Industry Act.

He added that he was happy “to note that the National Assembly had confirmed his nominations for the Board and Management of the two regulatory institutions,” and expressed hopes that the ”institutions would 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.”

Group Managing Director of NNPC, Mele Kyari said, “history made again, a massive transformation from what we know, to where we are going, under the leadership of President Buhari.” He added that the company has made progress over the years but still has further accountability and values to deliver.

In case you missed it

Nairametrics reported earlier that the Senate confirmed the appointment of 4 nominees as board members of the new Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), coming a day after the members of the upper legislative chamber confirmed the appointment of the 4 members of the board of the Nigerian Upstream Regulatory Commission (NURC).