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Transform NNPC Ltd into world-class national oil company, Buhari tells board, management

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President Muhammadu Buhari has charged the board and management of the newly registered Nigeria National Petroleum Company (NNPC) Limited to swing into action, aiming to make an enduring, world-class national oil company out of the new firm for the country.

Buhari gave the charge on Friday when he was being presented with the Certificate of Incorporation of the NNPC Limited at the Presidential Villa, Abuja.

According to a statement issued by his Special Adviser on Media and Publicity, Mr. Femi Adesina, the President said Nigerians would be expecting the newly appointed board of directors and management team of the company to achieve nothing less “than the realization of a global national oil company that this nation desires and deserves.”

Under the recently signed Petroleum Industry Act (PIA), the Nigerian National Petroleum Corporation (NNPC), was expected to transform to a limited liability company, a fact that has now been accomplished.

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 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.”

President Buhari said 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.”

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