President Muhammadu Buhari has unveiled the new identity and logo for the Nigerian National Petroleum Company (NNPC), which is now a limited liability company.
The new identity has transformed the NNPC Ltd into a commercially driven and independent entity, with the responsibility to declare dividends to its shareholders.
Buhari expressed delight he had consistently had the opportunity to shape the course of the petroleum industry in the country.
He thanked the National Assembly for facilitating the passage of the Petroleum Industry Act (PIA), which had been in the works over different administrations but only came to reality during the current dispensation.
Sunrise News recalled that the Petroleum Industry Bill, passed into an Act on July 15, 2021, was assented to by President Muhammadu Buhari on Monday August 16, 2021.
The passage of the PIB has proved to be a real nightmare for successive administrations since the need for the bill was first mooted by the former President Olusegun Obasanjo administration.
In 2018, after the national assembly passed a harmonised version of the bill — the petroleum industry governance bill (PIGB), President Muhammadu Buhari refused assent due to “legal and constitutional reasons”.
The PIB contains 5 chapters, including governance and institutions, administration, host communities development, petroleum industry fiscal framework and miscellaneous provisions in 319 clauses and 8 schedules.
The Petroleum Industry Act provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters.
The senate had passed the bill on July 15, 2021, while the House of Representatives did the same on July 16, thus ending a long wait since early 2000s.
Among others, the Act recommended the transition of the NNPC to a publicly owned business entity that would generate profits for all its shareholders.
The motto of the new logo unveiled by the President reads “NNPC: Energy for today, Energy for tomorrow.”