Wetin di new NNPC Limited mean for Nigerians

Nigerian National Petroleum Corporation (NNPC) don officially change name to become Nigerian National Petroleum Limited.

Di company also change dia logo.

Di change of name mean say, NNPC don formally change from di “corporation” wey e be to become a “limited liability company”.

E mean say NNPC Limited go now operate as a commercial, independent company wey go dey make profit. E go also dey limited by shares.

Dis change dey come in line wit di provisions of di Petroleum Industry Act (PIA), 2021 wey President Buhari sign into law.

President Muhammadu Buhari for di unveiling of di new NNPC Limited for Abuja, Nigeria capital say di conversion of di state-owned oil company to a commercial organization go attract more foreign investments to di oil sector.

Di Nigeria leader add say di privatization of NNPC na turn around for di Nigerian oil industry as e go sustain growth across oda sectors of di economy as e dey deliver energy to di world.

“NNPC Limited go deliver value to dia more than 200m shareholders plus di global energy community, e go operate without relying on goment funding and e go dey free from institutional regulations like di Treasury Single Account (TSA).” Buhari tok.

Why di change of name

Di Petroleum Industrial Act wey President Muhammadu Buhari sign for 2021 dey important for di transformation of di Nigerian National Petroleum Corporation wey dem establish for 1977.

Di work of di corporation na to to manage di nation crude oil, gas plus petrochemical resources wey account for more dan 80% of di kontri foreign exchange.

Dia work na also to manage di joint venture between Nigeria and multinationals plus engage in di petroleum exploration and production through di kontri four refineries. 

But ova di years, politics, greed, corruption and oda issues cause kasala for di oil and gas sector. Pipo begin see di oil business as easy way to make money. Some pipo wey believe say di oil and gas come from dia soil for Niger Delta no see any reason why oda regions go benefit from am.

Sake of all dis problems, some pipo begin call for reforms for di sector. From Adaka Boro to Ken Saro-Wiwa and beyond, plenty pipo demand for true federalism, secession, respect for di rights of ethnic minorities, and counter arguments along geographical lines as di North pitch against di South on di question of who owns what, who should get what, and what to share.

To address dis issues, di Petroleum Industry Bill dey introduced to address many of di issues like governance, regulatory frameworks, community relations and management. 

Di Nigeria Petroleum Industry Act (PIA) 2021 na one of di most bold attempt to turnaround di petroleum sector for Nigeria.

Di Act seek to provide legal, governance, regulatory and fiscal framework for di Nigerian Petroleum Industry. If e dey implemented diligently, di PIA go help facilitate Nigeria economic development by attracting and creating investment opportunities for local and international investors.

Wetin e mean for Nigerians

Wit di change of NNPC status to become limited liability company wey go dey operate like commercial organization, some Nigerians dey ask for clearer understanding on wetin e mean for dem.

Professor Precious Ede, Head of Department, Geography and Academic Planning explain give BBC Pidgin say wen NNPC be 'Corporation' e mean say goment na di sole owner and dem no dey run am to make money because di objective before na to just manage di Petroleum resources wey Nigeria get on behalf of federal goment.

But di bureaucracy and di way wey dem dey manage di industry for all levels both di Down stream and Up stream neva bring di result wey dem want to di citizens of Nigeria.

"So di conversion from Corporation to Limited Liability Company na to put private sector inside dia activities.

Na di formal renaming we see today but by law, e don start since goment sign di PIB Act last year."

Prof Ede explain say for some kontris goment ownership don work for dem, for oda kontris too private ownership don work too.

But as Nigeria di question we suppose as na who be di shareholders of di NNPC Limited?

"If we go by wetin President Muhammadu Buhari tok today e go benefit us, but I dey worry if change of name to Private Limited Liability Company go work wen goment still dey control di ownership, and if e go change di habit of di pipo wey dey manage di oil industry."

He add say on di oda hand, we need to wait to see, make we no judge dem too hard, make we see if dem go truly live up to di expectations wey make dis change dey necessary.

Remember as dem do NEPA change an to different small small companies till now me and you know di situation say di arrangement to work.

And dem make am open to public investments, dem no come inherit wetin dey for NITEL

Instead dem come wit dia own, come start to build from scratch

And prices of telecommunications also crash.

Goment for copy from weyin happun to Telecommunication, dem for comot hand completely from di Assets of NNPC.

Wetin dis change mean for Africa

Di Group Chief Executive Officer of NNPC Limited Mele Kyari announce say di company don adopt one strategic initiative to achieve di mandate of energy security for di kontri country by rolling out a comprehensive expansion plan to grow its fuel retail presence from 547 to over 1500 outlets within di next 6month.

Mele Kyari also add say di PIA "don position di company to to lead Africa gradual transition to new energy by deepening natural gas production to create low carbon activities and positively change di story of energy poverty at home and around the world."