NNPC is not Sold, it’s Facing Transition-Tolu Ogunlesi

Share Post

The Special Assistant to President Buhari on Digital and New Media Tolu Ogunlesi has disclosed on his official Twitter handle that NNPC is not sold but is facing transition.

The new NNPCLimited logo

“NNPC has not been ‘SOLD’ please. It is still wholly owned by Govt. What has happened is transitioning from a Government ‘Parastatal’, into a commercially-run Limited Liability Company (still wholly owned by Govt of Nigeria, on behalf of the people of Nigeria), governed by CAMA,” Tolu said.

This statement was released following the unveiling of the new Nigerian National Petroleum Company Limited (NNPCL) by President Mohammadu Buhari on July 19 at the NNPC Museum, a pop-up museum set up within the State House Conference Center in Abuja.

Speaking during the event, President Buhari noted that the country places a high premium on creating the right atmosphere that boosts the economy and continues to play an important role in sustaining global energy requirements. He thanked the Executives of the organization and members, for their patriotism and goodwill towards the country.

President Buhari is watching the official unveiling of the New NNPCL

Furthermore, the NNPCL is Incorporated under CAMA and is expected to be a commercially-run company that will declare dividends to its shareholders. Also, the new Petroleum Industry Act 2021 (PIA) has transformed the Corporation into a limited liability company, governed by the new CAMA 2020

Also speaking at the event, NNPC Group Chief Executive, Mali Kyari stated that the new NNPCLimited is a new beginning for the energy industry in Nigeria and the world.

ASA sang some of her songs at the event, including “Fire on the mountain”.