NNPC Now Most Capitalized Company In Nigeria with N200bn

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CBN

Olusola  Bello

The Nigerian National Petroleum Company (NNPC) Limited which was newly incorporated is now the most capitalised company in Nigeria with N200bn, according to the Corporate Affairs Commission (CAC)

This was revealed when the certificate of incorporation of the company was presented to President Muhammadu Buhari,

The president at the presentation of the certificate to him by the duo of the managing director of CAC, Garba Abubakar  and Mele Kyari, group managing director of NNPC charged the company to work towards the realisation of a global national oil company that could compete favourably with its counterparts across the world.

According to the President, he said; “The country expects nothing less” from the Board of Directors, the Chief Executive Officer, and the Chief Finance Officer of the company than the realisation of a global national oil company that Nigeria desires and deserves

He describe 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.

The president who is also the minister of Petroleum Resources, said his expectation was for a speedy transition through taking all steps required to transfer assets, human and material, and without wasting time to capitalise the company as required by the PIA.

Under the recently signed Petroleum Industry Act (PIA), the Nigerian National Petroleum Corporation (NNPC) was expected to transform to a limited liability company, a dream that has now been accomplished

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 expects immediate take-off to facilitate effective implementation of the provisions of the PIA on accelerated gas development and optimisation of oil production and support for energy transition.

Speaking earlier, Mele Kolo Kyari,  Group Managing Director (GMD) of NNPC, said: “NNPC is 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.”

Also speaking, Registrar/Chief Executive Officer of the Corporate Affairs Commission (CAC), Garba Abubakar, said the NNPC registration, accomplished within 24 hours, had complied with all requirements of the Companies and Allied Matters Act (CAMA), and the PIA.

He added that the registration in the short time, underscored strong collaborations among agencies of government

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