President Muhammadu Buhari Friday received the certificate of incorporation of the Nigeria National Petroleum Company Limited, saying Nigeria expects nothing less from the Board of Directors, the Chief Executive Officer, and the Chief Finance Officer than a global national corporation that the nation 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.”
Source: Guardian Newspaper