Buhari Receives New NNPC’s Certificate Of Incorporation

NIGERIA’s President, Muhammadu Buhari has received the certificate of incorporation of the Nigeria National Petroleum Company Limited from Corporate Affairs Commission (CAC), on Friday.

Recall that in September, Buhari had ordered the incorporation of NNPC Ltd, and subsequently approved the appointment of the company’s board members.

This is in line with provisions of Section 53(1) of the Petroleum Industry Act (PIA) 2021, which requires the Minister of Petroleum Resources to cause for the incorporation of the NNPC Limited within six months of commencement of the Act in consultation with the Minister of Finance on the nominal shares of the Company.

During the event for reception of the certificate, Buhari said the expectation is that the board of directors play vital role towards, “realisation of a global national oil company that this nation desires and deserves.”

He said that successful incorporation of the company marks “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.”

Buhari who announced that National Assembly have confirmed his nominations for the Board and Management of the two regulatory institutions, charged board members to expeditiously carry out all necessary activities towards transition as required by the PIA.

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

Chief executive officer of the Corporate Affairs Commission, 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.

Abubakar disclosed that the new company is one with the largest capitalization of N200 billion in the country.