What did the event mean, in simple English. NNPC was completing its transmutation from a Corporation to a Limited Company, as required by the Petroleum Industry Act . The Nigeria National Petroleum Corporation that we had known since 1977 was evanescing, dying, and transmogrifying into Nigeria National Petroleum Company Limited.
For more than two decades, Federal Government conceived the idea to turn NNPC into a company, and came up with the Petroleum Industry Bill, which would revolutionize the entire oil industry. But there were too many self-interests, nationally and internationally, and the legislation did not see the light of day. Till one man who didn’t want anything for himself came. Muhammadu Buhari. Staid, almost ascetic, clean as a whistle, straight as an arrow, and the Bill became an Act.
“It is with great joy that I welcome you all to this final cutover ceremony witnessing the severance of the umbilical cord of NNPC Limited from the Corporation. She charged all members of the new company to make a firm commitment to always live NNPC Limited’s core values of Integrity, Excellence, and Sustainability.
Source: News Formal (newsformal.com)
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