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.

Speaking at the event, the President 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.

“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.

According to him, the country places high premium in creating the right atmosphere that supports investment and growth to boost the economy and continue to play an important role in sustaining global energy requirements.

He added: ‘‘We are transforming our petroleum industry, to strengthen its capacity and market relevance for the present and future global energy priorities.

‘‘By chance of history, I was privileged to lead the creation of the Nigerian National Petroleum Corporation on the 1st July 1977. Forty-Four (44) years later, I was again privileged to sign the Petroleum Industry Act (PIA) in 2021, heralding the long-awaited reform of our petroleum sector.

‘‘The provisions of PIA 2021, have given the Nigerian petroleum industry a new impetus, with 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, Public Procurement and Fiscal Responsibility Acts.

‘‘It will, of course, conduct itself under the best international business practice in transparency, governance and commercial viability.

‘‘Coincidentally, I, on the 1st of July 2022 authorized 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.’’