The Nigerian National Petroleum Corporation (NNPC) has officially changed its name to Nigerian National Petroleum Limited. The company’s logo was also changed as well. The change of name meant that NNPC has legally changed from a corporation to a limited liability company.
This means that NNPC Limited currently operates as a commercial, independent company that also makes a profit. But this new development will, however, limit the company through shares. This new development comes in line with the provisions of the Petroleum Industry Act -PIA in 2021 which was signed into law by President Buhari.
President Muhammadu Buhari at the unveiling of the new NNPC Limited at Abuja announced the conversion of the state-owned oil company to a commercial organization to attract additional foreign investments to the oil sector.
The Nigerian president had also said that the privatization of NNPC was a turnaround for the Nigerian oil industry as it would sustain growth across various sectors of the economy as it delivers energy worldwide.
“NNPC Limited will bring value to their over 200 million shareholders plus the global energy community. It will operate without relying on government funding and it will be exempt from institutional regulations like the Treasury Single Account -TSA.” Buhari had said.
