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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

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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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Fubara Urges Rivers People To Remain Peaceful, Law-abiding …As Eze Worlu-Wodo Inaugurates Palace For Akpor Kingdom

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Rivers State Governor, Sir Siminalayi Fubara, has said that despite the ensuing political circumstances against his administration, Rivers people will emerge stronger, eventually,  urging the people to remain peaceful and law-abiding in the overall interest of the State.

 

The Governor, therefore, urged his teeming supporters, and indeed, well-meaning Rivers people, not to be disheartened by recent turn of events but rather cheer up, knowing that God does not start a thing by enthroning his administration, and allow it to be truncated half-way in the journey.

 

Governor Fubara spoke at the inauguaration of the Palace of Nyeweali Akpor Kingdom and a magnificent residential quarters for the King, Eze Levi Amos Oriebe, built and furnished by the administration of Governor Fubara at Ozuoba in Obi/Akpor Local Government Area last Monday.

 

The Governor pointed to the ungodly motive of those who are pushing to disrupt governance by worsening the feisty political relationship, and insisted that his path will remain ensuring peace, and warned against any act of lawlessness.

 

He said: “I want to say to our teeming supporters, I know some of you; your spirits are high, some of you, your spirits are low. But, I want to assure you one important fact of life: God does not start a thing and end halfway.

 

“It doesn’t matter what the situation might be today, I assure you that we will come up again stronger and better. Continue to follow my footstep, and that footstep remains, the path of peace. We need it because if anything happens, we are the greatest losers.

 

“Our concern for this State is not because of our own profit, but the total well-being of Rivers State. So, I appeal to everyone of you: be law abiding. I will not encourage any act of disobedience or any act of violence. But that is not to say that we will support evil. We will never support evil.”

 

Governor Fubara said his administration is focused on good governance and will not renege on the promise of delivering impactful, people-oriented development projects, continually.

 

The Governor stated: “Our projects, our services will continue to be those ones that would touch the hearts, the souls, and the spirits of our people. And we will not, no matter the circumstances surrounding our situation, renege on that promise that we made to the good people of Rivers State.”

 

Commenting on the project, Governor Fubara considered it historic to have delivered a befitting palace for the Akpor Kingdom, being the first in over 200 years of its existence.

 

Governor Fubara explained that it was 10 months ago, during the flag-off of reconstruction work on the Okania-Ogbogoro Road project that he promised, in response to a request by the people, to build the palace, which has been achieved six months after it was awarded for construction.

 

The Governor said: “I was really touched to the point that I had a few drops of tears when the Royal Father was speaking, and he said, ‘for over 200 years that the Akpor Kingdom has existed, it functioned without a palace’.

 

“But, God doesn’t make mistakes. Maybe, He left it for our administration to fulfill so that we will be part of history forever and ever in Akpor Kingdom.”

 

Governor Fubara said further: “We did not just build the palace, but we also provided a personal residence for the Nyeweali, knowing fully well that the palace belongs to everyone, but at the end of his tenure or when call of nature comes, his family definitely, will not be here.

 

“So, after living in a fine beautiful place, what happens to the family? We have to provide a place for him. I want you to note that we did not end this project by building just the palace, but we went further to provide the Eze his own personal residence, so that when he leaves, he can enjoy the comfort that he is already enjoying here at this moment.”

 

Governor Fubara expressed appreciation to Akpor people for the Chieftaincy title of “Eze Omenma 1 of Akpor Kingdom bestowed on him by the Nyeweali Akpor, assuring that he will defend it wholeheartedly while urging the entire Obio/Akpor people who have remained very supportive to know that they fill strategic place in his administration.

 

Performing the inauguaration, Eze Oha Apara (IV), Paramount Ruler of Apara Kingdom, His Majesty, Eze Chike Amadi Worlu-Wodo, recalled that a few months ago, he benefitted from the administration of Governor Fubara, a magnificent palace built for the Apara Kingdom.

 

Eze Worlu-Wodo, who is also the Chairman, Rivers State Council of Traditional Rulers, explained why the government is spending so much money to build palaces for traditional rulers, saying it understands that traditional rulers are closest leaders to the people.

 

He said: “Traditional rulers play vital roles in maintaining peace and orderliness in the communities, and by so doing, they Simplify governance at the State level.

 

“My friend and colleague from Calabar once said that respect for traditional rulers and elders shows good upbringing. Our Governor has good upbringing.

 

“I am glad to be here, Your Excellency, to witness your display of goodwill, respect and good intention for the traditional institution. Your Excellency, you have done well, and I must say, we are all proud of you.”

 

Eze Worlu-Wodo acknowledged the numerous developmental projects executed by the administration of Governor Fubara across the State, and urged him not to be worried by recent political developments in the State.

 

The Royal Father said: “God is in charge of this State, so, the machinations of the evil ones will not succeed in this State.”

 

Providing the project description, Rivers State Commissioner for Special Projects, Dr Rowland Obed-Whyte, said the construction was awarded in August, 2024, and the work completed in six months.

 

He added, “The palace complex is on a land space of 9,000 square meters, with an electric perimeter fencing. The palace is a duplex building with two wings; right-wing having guest room for the king, a 120- person sitting capacity multipurpose hall, a 50-person sitting capacity conference hall, offices and public conveniences.

 

“The left-wing has the royal ranch, bar, dinning, kitchen, and laundry. Behind the palace is a royal garden, traditional meeting place (Obiri), royal car park, visitors’ lodge, water tank, and water fountain.”

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Fubara Recommits To Wellbeing Of Rivers People 

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Rivers State Governor, Sir Siminalayi Fubara, has reiterated commitment of his administration to advancing the well-being of Rivers people, which is why, the Rumuodomaya Fire Service Sub-Station has been revitalised into an efficient and modern facility.

 

The Governor assured that with the improved status, the Fire Service Station will offer prompt response to combating fire emergencies in order to safeguard lives and the property of residents of the Rumuodomaya community, Obio/Akpor and environs.

 

Governor Fubara spoke at the inauguaration of the Rivers State Fire Service Sub-Station at Rumuodomaya in Obio/Akpor Local Government Area of the State, last Friday.

 

The Governor said he feels so excited to showcase to the world the third Fire Service Station that has been unveiled within the past few days, and initiated to make living safer for Rivers people.

 

Governor Fubara said: “I feel very happy again to stand before you to showcase, again, one of the things that we have done to show that the interest of our people is most important in our administration. There is nothing I want to say now that I have not said before. When we unveiled the remodelled Headquarters of the Rivers State Fire Service, I did inform you that we have two sub-stations that are attached to that. The Borokiri sub-station that we unveiled yesterday, and this particular one that we are unveiling today. The essence of this project, you already know. We have to safeguard lives of our people and the property of every citizen of Rivers State, which is the primary function of governance.”

 

Governor Fubara expressed appreciation to the people of Obio/Akpor Local Government Area for their unwavering support and assurances given to his administration, adding: “We can feel your support here. I want to also appreciate the support of the good people of Rivers State, who kept believing in us. We know that your trust is the right thing, and that you are standing on the side of truth. I want to assure you that we will continue to do what is right to make life better and advance the State.”

 

Inaugurating the project, an elder statesman, Chief Hanny Woko, said a state without a functional fire service station is partially a failed state, because its citizens will only rely on the mercy of God to combat fire incidences.

 

Chief Woko, who noted that the project will serve to secure lives and property within Rumuodomaya Community and environs, thanked Governor Fubara for demonstrating genuine love to Ikwerre people in particular and Rivers people in general.

 

He said, “We thank you for continuing governance without minding distractions all over. It’s even very important to know that in the heat of the crisis, you are still going about commissioning projects. There are projects lined up for two weeks. You have come to serve Rivers State, and be rest assured that Rivers people will protect this democracy and protect you. There is no pretense about it: the love is organic, and we will make sure we continue to support you.”

 

Chief Woko stated further that Ikwerres are grateful to Rivers people who supported them to serve as governors for 16 unbroken years, stressing that it is only proper that Ikwerre people support other tribes, particularly Governor Fubara, to serve his tenure without truncating it.

 

He said, “Equity and fairplay demand that we allow our Ijaw Ethnic Group to serve out their tenure. Be rest assured, Your Excellency, that you have the support of the Ikwerre Ethnic Nationality. I want to use this opportunity to call on every reasonable Rivers son and daughter to know, there should be an end to every conflict. Rivers State has been, always, in the news for the negative reasons, and we condemn that.”

 

Chief Woko stated: “We should borrow a leaf from our sister states, like Lagos. The Governors are ruling, and governing their people. There is no friction anywhere. Yes, in human relations, there may be room for friction, there may be room for quarrel, but the most important thing is to put the state first. No personal interest should override that of the collective interest of the state.”

 

Providing the project description, Rivers State Commissioner for Duties, Dr Samuel Anya, said the Rumuodomaya Fire Service Sub-Station was abandoned shortly after it was built by the administration of Chibuike Amaechi, explaining how Governor Fubara ensured the sub-station became functional with the structures rehabilitated, providing 54 offices, staff quarters, brand new fire trucks, and water tank of 45,000 litres.

 

In his address, Head of Local Government Administration of Obio/Akpor Local Government Area, Mr Ichechi Amadi, said the rehabilitated structures and newly purchased fire trucks will motivate personnel and improve their response capacity to fire incidences that had, hitherto, destroyed lives and property worth billions of naira for years.

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Reps urge CBN to suspend increase in ATM withdrawal charges

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The House of Representatives has urged the Central Bank of Nigeria (CBN) to suspend its directive increasing ATM withdrawal charges.

This resolution was taken as a result of a motion on urgent national importance moved by Rep. Marcus Onobun (Esan Central/West/Igueben Federal Constituency, in Abuja last Tuesday.

Onobun said that additional ATM withdrawal charges would further limit the financial inclusion of Nigerians by discouraging low-income earners from accessing banking services.

He said that Nigerians were already grappling with multiple economic hardships, including high inflation, increased fuel prices, electricity tariff hikes, and numerous banking and service charges.

The lawmaker warned that an increase in ATM withdrawal charges would be a contradiction of the CBN’s financial inclusion agenda.

“Aware that CBN in its new circular, has reviewed the ATM transaction fees stipulated under Section 10.7 of the CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions.

“Prescribing an increase in ATM withdrawal charges and a discontinuation of the free ATM withdrawals for customers using other banks’ ATMs.

“Thereby imposing additional financial burdens on Nigerians.

“Also aware that the said Section 10.7 of this Guide was last reviewed in 2019.

“Reducing ATM transaction fees from N65 Naira to N35 per transaction,” he said.

The Speaker, Rep. Tajudeen Abbas and the entire House adopted the motion, thereby urging the CBN to suspend the increase in ATM withdrawal charges.

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