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NNPCL Now Free From Institutional Regulations, Buhari Declares …Says Firm To Ensure Energy Security …Assures Of Value In Line With Global Best Practice …Clarifies Stance On Sale Of NOC
President Muhammadu Buhari, yesterday, officially unveiled the Nigerian National Petroleum Company Limited (NNPCL), and declared that the new entity was henceforth free from institutional regulations.
Buhari, who made this public at the State House Conference Centre, Presidential Villa, Abuja, stated that the oil firm would conduct itself under best international business practices.
He said, “The provisions of PIA (Petroleum Industry Act) 2021, have given the Nigerian petroleum industry a new impetus, with an improved fiscal framework, transparent governance, enhanced regulation, and the creation of a commercially-driven and independent national oil company that will operate without relying on government funding and free from institutional regulations such as the Treasury Single Account (TSA), Bureau of Public Procurement (BPE), and Fiscal Responsibility (FR) Acts.
“It will, of course, conduct itself under the best international business practice in transparency, governance, and commercial viability.”
The president said the government was transforming the petroleum industry to strengthen its capacity and market relevance for current and future global energy priorities.
“By chance of history, I was privileged to lead the creation of the Nigerian National Petroleum Corporation on the July 1, 1977. Forty-Four years later, I was again privileged to sign the Petroleum Industry Act in 2021, heralding the long-awaited reform of our petroleum sector,” he stated.
The president further noted that coincidentally, “I, on July 1, 2022, authorised the transfer of assets from the Nigerian National Petroleum Corporation to its successor company, the Nigerian National Petroleum Company Limited, and steered the implementation leading to the unveiling of Africa’s largest national oil company today.
“I, therefore, thank Almighty God for choosing me to consistently play an important role in shaping the destiny of our national oil company from the good to the great.
“NNPC Limited will operate as a commercial, independent, and viable NOC at par with its peers around the world to sustainably deliver value to its over 200million shareholders and the global energy community while adhering to its fundamental corporate values of integrity, excellence, and sustainability.”
He said NNPC Limited was mandated by law to ensure Nigeria’s national energy security is guaranteed to support sustainable growth across other sectors of the economy as it delivers energy to the world.
“It is, therefore, my singular honour and privilege on this historic day of July 19, 2022, to unveil the NNPC Limited, with a focus on becoming a dynamic global energy company of choice to deliver energy for today for tomorrow, for the day days after tomorrow,” Buhari stated.
Buhari also affirmed that the company was mandated by law to ensure that Nigeria’s national energy security was guaranteed.
Thepresident said Africa’s largest National Oil Company (NOC) would also support sustainable growth across other sectors of the economy as it delivers energy to the world.
At the event, which featured a special rendition of the Theme Song “Energy for today, Energy for tomorrow, Energy for Everyone” by an Ensemble, the president recounted how God had used him to consistently play an important role in shaping the destiny of the country’s NOC in the last 45 years.
He expressed optimism that the NNPC Limited would operate without relying on government funding and be free from institutional regulations such as the Treasury Single Account (TSA).
“This is a landmark event for the Nigerian oil industry,” Buhari said.
“Our country places a high premium on creating the right atmosphere that supports investment and growth to boost our economy and continue to play an important role in sustaining global energy requirements.
“We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities”.
The president, therefore, assured stakeholders in the industry that Africa’s largest NOC will adhere to its fundamental corporate values of Integrity, Excellence and Sustainability, while operating as a commercial, independent, and viable NOC at par with its peers around the world.
He added that the company would focus on becoming a dynamic global energy company of choice to deliver energy for today, for tomorrow, and for the days after tomorrow.
Buhari thanked the leadership and members of the National Assembly for demonstrating uncommon courage and patriotism in the passage of PIA that culminated in the creation of NNPCL.
The president charged the company to ensure that Nigerians at large get value from its operations in line with global best practices.
He noted that the Petroleum Industry Act 2021 has given an additional impetus for a transparent and profitable energy venture.
The president assured that the NNPC Limited will operate as a commercial, independent and viable NOC at par with its peers around the world, to sustainably deliver value to its over 200 million shareholders and the global energy community, while adhering to its fundamental corporate values of integrity, excellence and sustainability.
With the NNPC transitioned to a fully commercial entity, the Federal Government would, henceforth, halt all forms of funding for projects and sundry purposes as against what was obtained in the last 45 years of the national oil company’s existence.
According to the president, Nigeria places a high premium on creating the right atmosphere that supports investment and growth to boost its economy and continues to play an important role in sustaining global energy requirements.
“We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities,” the president stated.
“It will, of course, conduct itself under the best international business practice in transparency, governance and commercial viability.
In his remarks, Minister of State for Petroleum Resources, Chief Timipre Sylva, said with the signing of the PIA, which assures international and local oil companies of adequate protection for their investments, the nation’s petroleum industry is no longer rudderless.
‘‘From the onset of this administration, Mr President never concealed his desire to create a more conducive environment for the growth of the oil and gas sector, and addressing legitimate grievances of communities most impacted by extractive industries,” he stated.
“While the country was waiting for the PIA, Nigeria’s oil and gas industry lost about $50billion worth of investments. In fact, between 2015 and 2019, KPMG states that ‘only four per cent of the $70billion investment inflows into Africa’s oil and gas industry came to Nigeria even though the country is the continent’s biggest producer and the largest reserves’.
“We are setting all these woes behind us, and a clear path for the survival and growth of our petroleum industry is now before us,” he said.
Sylva described the unveiling of NNPC Ltd as a new dawn in the quest for the growth and development of the Nigerian oil and gas industry, opening new vintages for partnerships.
He thanked the president for his unparalleled leadership, steadfastness, and unalloyed support for ensuring that the country’s oil and gas industry is on a sound footing.
Also speaking, the Group Chief Executive Officer of NNPC Limited, MeleKyari, announced that the company had adopted a strategic initiative to achieve the mandate of energy security for the country by rolling out a comprehensive expansion plan to grow its fuel retail presence from 547 to over 1,500 outlets within the next six months.
He assured stakeholders and the global energy community that the new company was endowed with the “best human resources one can find anywhere in the industry.
“NNPC Limited is positioned to lead Africa’s gradual transition to new energy by deepening natural gas production to create low carbon activities and positively change the story of energy poverty at home and around the world,” he said.
Meanwhile, President MuhammaduBuhari’s Special Assistant on New and Digital Media, ToluOgunlesi, has dismissed claims that the Federal Government has sold the Nigerian National Petroleum Company Limited (NNPCL).
Ogunlesi assured that the Federal Government still owns NNPC.
He explained that NNPC was only transitioning from a government parastatal into a commercial liability company.
In a tweet, Ogunlesi wrote: “NNPC has not been ‘SOLD’, please. It is still wholly owned by government. What has happened is a TRANSITIONING from a government ‘parastatal’, into a commercially-run Limited Liability Company (still wholly owned by Government of Nigeria,on behalf of the people of Nigeria), governed by CAMA.”
The event had the Senate President, Dr Ahmad Lawan; Speaker of the House of Representatives, Hon Femi Gbajabiamila; among other top government dignitaries, in attendance.
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Disu Takes Over As New IGP …Declares Total War On Corruption, Impunity
President Bola Tinubu has charged the newly decorated acting Inspector-General of Police, Tunji Disu, to make the Nigeria Police Force better than he met it, as the country grapples with banditry, terrorism, and other criminal activities.
The President, who personally decorated Disu with his new rank at the State House, Abuja, said the appointment comes at “a defining moment for our nation’s security,” expressing confidence in the new police chief’s ability to restore public confidence in the Force.
“The commitment that I expect from you is for you to make it better than you met it. And I’m sure you can do it. Nigeria is challenged right now with banditry, terrorism and all sorts of criminal activities,” Tinubu stated during the decoration ceremony on Wednesday.
The President, who drew on his personal knowledge of Disu from his tenure as Lagos State Governor, said he believes in the dedication the new IGP exhibited while serving in Lagos.
“I know your record. I believe in the dedication that you’ve exhibited while you were in Lagos and I was the Governor of Lagos State.
“Now you assume this responsibility at a defining moment for our nation’s security,” the President said.
Tinubu outlined specific expectations for the new police chief, emphasising discipline, professionalism, and inter-agency collaboration.
“I expect you to strengthen the discipline, enhance inter-agency collaboration, and restore public confidence in the Nigeria Police.
“Lead firmly but fairly, demand professionalism at every level and ensure that safety of lives and property remains your highest priority,” he charged.
Acknowledging the magnitude of the task ahead, the President assured Disu of his full support.
“It is a daunting challenge. I know you can do it.
“You have my full support as you advance the security pillars of the Renewed Hope agenda.
“You are a straightforward individual, committed and respected. You have sufficient discipline,” Tinubu stated.
The President urged the new IGP to draw from the experience of his predecessor, Kayode Egbetokun, who attended the ceremony.
“You can draw from the experience of Kayode Egbetokun who had been there before you.
“You have been part of the thinking, and you’ve been part of the innovation.
“The challenge as you hold the baton of this leadership is the belief that you will excel and Nigeria will prevail,” he said.
Tge President expressed gratitude to the former IGP, Kayode Egbetokun for his service while linking his legacy to the success of his successor.
“To the outgoing Inspector-General of Police, I extend the gratitude of the entire country.
“Nigeria, we are a grateful nation to you for your dedication in service, expression of good leadership attributes within the Force.
“You have served with commitment and distinction, and Nigeria appreciates your contribution to maintaining law and order in our country,” the President said.
He added, “What you should look back and remember is this: you have not succeeded without a good successor.
“Therefore, the success of Tunji Disu as IGP, when confirmed, is part of your responsibility and the joy you should look forward to.”
Tinubu noted that Disu’s previous role as Principal Staff Officer to Egbetokun positioned him well for the new assignment.
“Having been part of your Principal Staff Officer, I have no doubt he understands the ins and outs of the operation.
“He will only improvise. He’s an operational person from what I know,” the President stated.
The decoration ceremony, which took place at 4:00 pm at the President’s office, had in attendance Chief of Staff to the President Femi Gbajabiamila, and other senior government officials.
President Tinubu personally pinned the new insignia on Disu’s uniform, marking the formal transfer of leadership of Africa’s largest police force.
In his response, Disu pledged to justify the confidence reposed in him, vowing to end impunity and enforce zero tolerance to corruption within the Force.
“The President mentioning a lot of activities about me, mentioning areas I’ve worked, mentioning successes I’ve recorded as a policeman, brought emotion to me, almost brought me to tears,” Disu told State House correspondents.
He added, “I will let them know that the era of impunity is over. I will ensure that I train them and encourage them to follow human rights. I will ensure that they know that I will try to follow a regime of zero tolerance to corruption.”
The new police chief emphasised that Nigerian citizens are the ultimate bosses of the police.
“One of the first lectures I’m going to have with my men, I’m going to talk to them, let them know that the citizen, the citizen of the country, are the boss. No police anywhere in the world can succeed without the cooperation of members of the public,” Disu stated.
Egbetokun, in his remarks, expressed confidence in his successor’s ability to surpass his achievements.
“I invested in likely successors in the Nigerian Police Force, and I’m happy that one of those that I’ve invested in has been found most suitable for the job. I have so much confidence that he would surpass what I have done,” Egbetokun stated.
The decoration came barely 24 hours after Egbetokun submitted his resignation letter on Tuesday, citing family issues that require his undivided attention.
The new Police Chief later proceeded to the Police Headquarters to assume duty following his decoration by President Tinubu earlier in the day.
He took his first salute as Inspector-General from members of the Quarter Guard and other officers at the Force Headquarters after returning from the Presidential Villa at about 4:15 p.m. He thereafter proceeded to the official handover ceremony with Egbetokun.
Disu outlined three priorities for his tenure: professionalism and modernisation; accountability and integrity; and community partnership.
However, multiple Presidency sources told our correspondent that Egbetokun was asked to step down during a meeting with the President on Monday evening at the Presidential Villa.
Disu’s appointment came just 48 days before his scheduled retirement on April 13, 2026, when he would have reached the mandatory retirement age of 60 years.
However, under the amended Police Act, which allows Inspectors-General of Police to serve a four-year tenure regardless of age, Disu may remain in office until 2030.
According to the Special Adviser to the President on Information and Strategy, Bayo Onanuga, President Tinubu will convene a meeting of the Nigeria Police Council shortly to formally consider Disu’s appointment as substantive Inspector-General of Police, after which his name will be transmitted to the Senate for confirmation.
Born on April 13, 1966, on Lagos Island, Lagos State, Disu joined the Nigeria Police Force on May 18, 1992, and has served for over three decades across multiple operational and leadership roles.
He rose to national prominence as Commander of the Rapid Response Squad in Lagos State, where he served for six years. Under his leadership, the unit won the Best Anti-Crime Squad award in West Africa in 2016.
On August 2, 2021, he was appointed to head the Intelligence Response Team, replacing the suspended Abba Kyari.
Before his elevation to IGP, Disu was Assistant Inspector-General of Police in charge of the Force Criminal Investigation Department Annex, Alagbon, Lagos. He was also a Commissioner of Police in Rivers State and the Federal Capital Territory, Abuja.
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Amend Constitution To Accommodate State Police, Tinubu Tells Senators
President Bola Tinubu has appealed to the leadership of the 10th Senate to amend the constitution to provide a legal framework for the establishment of State Police to tackle insecurity nationwide.
President Tinubu made the appeal during an interfaith breakfast with senators at the Presidential Villa in Abuja, yesterday.
The president said that the creation of State Police has become urgent to address Nigeria’s evolving security challenges, strengthen grassroots policing, and enhance states’ capacity to respond swiftly to threats within their jurisdictions.
He noted that a decentralised policing structure would complement existing federal security architecture and promote intelligence-led, community-focused law enforcement.
“We are facing terrorism, banditry, and insurgency. But we will never fail to make a right response to this cause. What I will ask for tonight is for you (Senators) to start thinking how best to amend the constitution to incorporate the State Police for us to secure our country, take over our forests from marauders, and free our children from fear,” he said.
The president commended the cordial relationship between the Executive and the Senate, saying that unity is needed to defeat terrorism and banditry in the country.
“It is a good thing that we are working in harmony, we are looking forward to a country that evolves, a country that takes care of its citizens and protects all.
Tinubu thanked the Senate for its unflinching support towards achieving various economic reforms of his administration, especially the fuel subsidy removal and tax reform policy.
“I have a lot of credit for bold reforms. Without your collaboration and inspiration, those reforms would not be possible. We are reformists together. What we gave up and what we stopped is monumental corruption in the subsidy system. We don’t want to participate in monumental corruption and arbitrage foreign exchange.
You don’t have to chase me for dollars; you could see what Nigeria is today. You should be proud, and I am glad you are. What we are enjoying is a stable economy, and prosperity is beckoning us. We need to work hard, and this attendance means a lot to me,” the president said.
President of the Senate, Godswill Akpabio, commended the president for hosting the leadership of the Senate to the Interfaith breaking of fast.
He commended President Tinubu for providing the visionary leadership the nation needs at this critical time, stating that the administration’s bold reforms have now brought more revenue to governors at the sub-national level for the development of critical infrastructure.
The Senate President prayed for the administration, and for the nation’s peace and prosperity.
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We’ve Made Significant Strides In Health Sector -Fubara
Rivers State Governor, Sir Siminalayi Fubara, has declared that his administration has made significant strides in the health sector in the past two and a half years.
Fubara, who stated this on Tuesday at the Government House, Port Harcourt, listed some of his notable achievements to include the revamping of health facilities, the establishment of the health insurance scheme and the employment of over 2,000 health workers to boost the manpower and efficiency of the sector.
The governor further disclosed that the administration has revived and expanded several abandoned health facilities, including the Zonal Hospitals in Bori, Omoku, Ahoada, and Degema.
He explained that the Ahoada Zonal Hospital is a 105-bed secondary facility that has capacity to cater for the health needs of the people in its catchment area.
In addition to the Zonal Hospitals, Fubara stated that his administration has also paid very close attention to the Primary Healthcare Centres across the state to ensure that citizens of Rivers State, especially those in the rural areas, have easy access to healthcare within their communities.
According to him, the administration approved the remodeling of 153 primary healthcare centers across the State to ensure their functionality.
“As an administration, we are very passionate about the health of every citizen and resident of Rivers State. When we realised that many people have been under stress as a result of economic hardship, we decided to introduce mental health services at the primary healthcare level. We are not just catering for those down with the common diseases such as malaria fever, we want to ensure that our people get the right attention to their mental health at the right time.
“At the tertiary level, we have also revamped the Intensive Care Unit of the Rivers State University Teaching Hospital and provided it with modern equipment, including monitors, ventilators, and scanners. Most of these innovations are massive and unprecedented,” he said.
On staff welfare, Fubara also disclosed that he approved the promotions for over 400 staff of the Rivers State University Teaching Hospital and recruited an additional 500 staff.
In the same vein, the governor said the number of scholarships for indigenes of Rivers State studying at the PAMO University of Medical Sciences has been increased from one hundred 100 to 150 under his watch.
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