The company boasts of extensive infrastructure and investment in the downstream, midstream and upstream of the Nigerian petroleum industry.
[3] In October 2019, NNPC announced the signing of a $2.5 billion pre-payment agreement with Nigeria LNG to fund upstream gas development projects.
[4] In December 2021, the Federal Government of Nigeria and NNPC Ltd signed a ₦621 billion Memorandum of Understanding to finance the construction of critical road infrastructure across the country.
[5] Following passage of a Petroleum Industry Act in August 2021, NNPC now operates as a commercial entity without relying on government funding and direct controls.
NNPC was established as a limited liability corporation in the hopes that a private entity will find it easier to access international capital markets.
He was appointed group managing director on 4 July 2016, under the presidency of Muhammadu Buhari; he succeeded Dr. Emmanuel Ibe Kachikwu, the Nigerian Minister of State for Petroleum (2015–2019).
Directorates: Strategic Business & Corporate Services Units: NNPC acquired Oando's OVH Energy in September 2022 and took over its 380 filling stations.
In 1988, the corporation was commercialised into 11 strategic business units, covering the entire spectrum of oil industry operations: exploration and production, gas development, refining, distribution, petrochemicals, engineering, and commercial investments.
According to the head of Nigeria's extractive industry watchdog NEITI, Waziri Adio, the decision of NNPC to make public its audited accounts on its website for the first time in its history is laudable.
Just as the executive director of the global Extractive Industries Transparency International's (EITI), Mr. Mark Robinson, commended the corporation for setting a new standard of reporting.
Also, Publicity Secretary of the Nigerian Association of Petroleum Explorationists (NAPE), Mr. Lateef Amodu, said, in one year, Kyari has been able to stabilise the industry through robust policies that have helped stakeholders make informed investment decisions.