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 unveiling took place at the presidential banquet hall in Abuja.

Buhari, who was accompanied by the Senate President, Ahmad Lawan, Speaker of the House of Representatives, Femi Gbajabiamila among other dignitaries at the State House Conference Centre in Abuja, described the NNPC Limited as the largest national oil company in Africa.

“We are transforming our petroleum industry to strengthen the growth today July 19, 2022.

“NNPC Limited now will operate as a commercial oil company with over 200 million shareholders with integrity and excellence”, the President said at the event.

According to the President, NNPC Limited will sustainably deliver value to its over 200 million shareholders and the global energy community; operate without relying on government funding, and be free from institutional regulations such as the Treasury Single Account (TSA).

He 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.

The Minister of State for Petroleum Resources, Timipre Sylva, remarked that the unveiling of NNPC Limited was a new dawn in the quest for the growth and development of the Nigerian oil and gas industry, opening new vintages for partnerships.

He also 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.

“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. With the PIA assuring international and local oil companies of adequate protection for their investments, the nation’s petroleum industry is no longer rudderless”, Sylva said

He said the NNPC Limited will operate as a profitable commercial entity and declare dividends to its shareholders.

“I have no doubt that the leadership of this brand new Limited Liability Company is super-charged to meet the high expectations,” he said.