July 19, 2022

President Muhammadu Buhari has unveiled the new Nigerian National Petroleum Company Limited, NNPC, a landmark event that officially changes the oil firm from a wholly state-run entity to a commercial oil company, limited by shares.

The unveiling of the NNPC Limited which is expected to be managed as a private energy enterprise unlike the former, took place this Tuesday, at the presidential banquet hall in Abuja.

The official unveiling is coming weeks after the corporation transitioned into a company whose operations will be regulated by the Companies and Allied Matters Act (CAMA).

The legal transition, based on the new Petroleum Industry Act, took effect July 1.

The new entity is expected to become a commercially oriented and profit-driven national petroleum company independent of government, although government bodies remain its shareholders.