We must transform NNPC to global oil company - Buhari – Newstrends
Connect with us

News

We must transform NNPC to global oil company – Buhari

Published

4 years ago

on

President Muhammadu Buhari Friday received the certificate of incorporation of the Nigeria National Petroleum Company Limited.

 

The President, while speaking, said the country expects nothing less from the Board of Directors, the Chief Executive Officer, and the Chief Finance Officer, “than the realization of a global national oil company that this nation desires and deserves.”

 

Presidential spokesman Femi Adesina in a statement said under the recently signed Petroleum Industry Act (PIA), the Nigerian National Petroleum Corporation (NNPC), was expected to transform to a limited liability company which had been accomplished.

 

President Buhari described the incorporation as “a significant milestone in our quest to create an enduring National Energy Company that can compete with its global peers and deliver value to its shareholders, the Nigerian people.”

 

He said his expectation was for a speedy transition through taking all steps required to transfer assets, human and material, “and without wasting time to capitalize the company as required by the Petroleum Industry Act.”

 

President Buhari said he was happy to note that the National Assembly had confirmed his nominations for the Board and Management of the two regulatory institutions, and expected immediate take-off to facilitate effective implementation of the provisions of the PIA “on accelerated gas development and optimization of oil production and support for energy transition.”

 

In his remarks, Group Managing Director of NNPC, Mele Kolo Kyari, said the incorporation was “history made again, a massive transformation from what we know, to where we are going,” under the leadership of President Buhari.

 

He added that lots of values had been delivered in the past six years, “and we still have further accountability and values to deliver.”

 

Registrar/Chief Executive Officer of the Corporate Affairs Commission, Alhaji Garba Abubakar, said the registration, accomplished within 24 hours, had complied with all requirements of the Companies and Allied Matters Act (CAMA), and the PIA, disclosing that the new company is one with largest capitalization of N200 billion in the country.

 

He added that the registration in the short time, “underscores strong collaborations among agencies of government.”

Related Topics:
Advertisement

News

Just in: Factional Zamfara assembly leaders want governor to represent budget

Published

21 minutes ago

on

April 24, 2025

By

Just in: Factional Zamfara assembly leaders want governor to represent budget

A factional House of Assembly has emerged in Zamfara state with members demanding the re-presentation of the 2025 Appropriation Bill by Governor Dauda Lawal.

The group, made up of nine lawmakers who were suspended in February 2024 over allegations of misconduct, conspiracy, and illegal sitting, convened in Gusau, the state capital, and declared the formation of a parallel legislative body.

At the session, the lawmakers elected Hon. Bashir Aliyu Gummi as Speaker of the factional assembly.

During the sitting, the faction addressed several issues, including the state’s deteriorating security situation, economic challenges, and the recent reports of mass sackings within the state civil service allegedly carried out by the Lawal administration.

READ ALSO:

The group further demanded that Governor Lawal re-present the 2025 budget, arguing that the process followed in its initial passage was flawed. The governor had originally submitted the N545 billion Appropriation Bill to the widely-known State House of Assembly led by Speaker Bilyaminu Ismail Moriki in December 2024. The bill was passed and signed into law that same month.

Present at Wednesday’s session were Hon. Aliyu Ango Kagara (Talata Mafara South), Ibrahim Tudu Tukur (Bakura), Nasiru Abdullahi Maru (Maru North), and Faruk Musa Dosara (Maradun 1). Others included Bashar Aliyu (Gummi 1), Bashir Abubakar Masama (Bukkuyum North), Amiru Ahmed (Tsafe West), Basiru Bello (Bungudu West), and Mukhtaru Nasiru (Kaura Namoda North).

 

Just in: Factional Zamfara assembly leaders want governor to represent budget

Continue Reading

News

NLC to IMF: Your reforms inflict hunger, poverty on masses

Published

31 minutes ago

on

April 24, 2025

By

President of the NLC, Comrade Joseph Ajaero

NLC to IMF: Your reforms inflict hunger, poverty on masses

A few days ago, the leadership of the Nigeria Labour Congress, NLC, received a two-man delegation from the International Monetary Fund, IMF, comprising the IMF Resident Representative for Nigeria, Christian H. Ebeke, and, Axel Schimmelpfennig from Washington, D.C.

The purpose of the visit was to assess how Nigerian workers and the general populace are being affected by the current socioeconomic environment and the hardship resulting from government policies.

The IMF delegation , led by Schimmelpfennig also sought insights from the NLC regarding the state of the labour market in Nigeria. According to them, the information gathered would contribute to the IMF’s annual country report for Nigeria.

Vanguard learned that preparations for the meeting had been ongoing since the NLC President’s earlier meeting with officials from the World Bank and the IMF in Washington.

IMF explains reasons for visit

Upon arrival at Labour House, the NLC leadership welcomed the IMF before the team briefed the NLC leadership on their mission, since the meeting was held at the instance of the Fund.

Sources at the meeting disclosed that the IMF team acknowledged that the Nigerian government has been grappling with fiscal challenges since assuming office. They emphasized that the IMF’s recommendations are purely advisory and not mandatory, based on the prevailing realities in each country.

The delegation expressed concern that, often, governments do not follow the IMF’s recommendations to the letter, instead adapting them to align with political objectives. In effect, the IMF attempted to distance itself from the adverse consequences of some recent economic reforms in Nigeria.

READ ALSO:

Nevertheless, the IMF team requested continued engagement with the NLC going forward.

Ajaero’s response

In response, the NLC President made it clear that governance should prioritize citizens’ welfare over profit-making.

He criticized the austerity measures often recommended by the IMF, noting that they have worsened living conditions for Nigerians.

It was gathered that Ajaero particularly highlighted the removal of fuel subsidies, which he said has led to increased suffering, hunger, and poverty among workers and the general population.

The NLC President argued that t”here was no real subsidy to remove in the first place, as the government was already profiting from crude oil sales.

He described the “subsidy removal” as merely a justification for increasing fuel prices. He equally questioned the use of the revenue purportedly saved from the subsidy removal, especially since the government continues to borrow heavily.

“He pointed out that the cost of essential services—such as education and transportation—has tripled, leading to widespread hardship. He condemned the growing disparity between the worsening living conditions of citizens and the increasing wealth of government officials.”

Ajaero emphasized that “genuine reforms should improve the welfare of the people, not enrich those in power. He also criticized the government for not consulting key stakeholders before implementing the subsidy removal policy.

This exclusion, he said, has exacerbated the country’s economic challenges. “He noted that inclusive dialogue could have produced better strategies and outcomes, lamenting that the government has isolated itself from valuable advice.”

On the national minimum wage, “the NLC President complained that the N70,000 wage is not being implemented sincerely across all levels of government. Instead, the government has continued to impose additional taxes, worsening the financial burden on citizens.”

Ajaero urged “the IMF to advise the government to ease this pressure and allow citizens to breathe. He warned that rising poverty levels could lead to social unrest if left unaddressed.”

He concluded that “the current reforms have only widened the gap between the ruling class and the people, worsening the lives of ordinary Nigerians while enriching those in power.”

NLC to IMF: Your reforms inflict hunger, poverty on masses

Continue Reading

News

‘Enough is enough’, Tinubu directs security chiefs to stop violent attacks

Published

10 hours ago

on

April 23, 2025

By

‘Enough is enough’, Tinubu directs security chiefs to stop violent attacks

 

President Bola Tinubu has ordered security operatives to end forthwith the violent attacks in some parts of the country, especially in Plateau, Borno, and Benue states.
He gave the directive during a meeting with security chiefs at the State House on Wednesday.
The meeting was attended by Nuhu Ribadu, the national security adviser (NSA); Mohammed Mohammed, director-general of the National Intelligence Agency (NIA); Emmanuel Undianeye, chief of defence intelligence; Oluwatosin Ajayi, director-general (DG) of the Department of State Services (DSS); and Femi Gbajabiamila, chief of staff (CoS) to the President.
Speaking with journalists after the meeting, Ribadu said Tinubu declared that “enough is enough” on the resurgence of violence in some parts of the country.
The NSA said the president directed security chiefs to work with the political authorities in states and at the grassroots level to find a lasting solution to the insecurity.
He said the security chiefs had acted on Tinubu’s previous instructions by meeting with political leaders in the affected communities and states.
The NSA said the meeting offered the security chiefs the opportunity to fully brief the president about the current security situation of the country.
“This time, we were able to sit with him for hours and give a proper briefing. We also took new instructions from him,” he said.
“Insecurity is not only a government problem.
“It also involves the subnational units — the communities, local governments, and especially the governors. The president directed that we work more closely with them.
“Some of these problems are community-related. While not entirely so, that element plays a significant role.
“Mr. President is working hard to ensure that Nigeria enjoys peace and stability. We are not relenting. We will not stop until we get the results he demands.”
On the resurgence of violent attacks in Borno, Ribadu said the terrorists were planting explosives during the period of relative peace in the state.
“This enemy does not give up easily. When there’s peace for a long time, they try to shock the public with an isolated incident,” he said.
The NSA said the security situation in the country is not yet at 100 percent, while noting that there is “significant improvement”.
Since the beginning of the month, many have been killed in some communities in Plateau State.
Benue State has also recorded violent attacks as over 50 people were killed in Ukum and Logo LGAs on April 18.

 

Continue Reading

Trending