Home News Buhari receives NNPC Certificate of Incorporation from CAC in Abuja

Buhari receives NNPC Certificate of Incorporation from CAC in Abuja

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President Muhammadu Buhari received the certificate of incorporation of the Nigeria National Petroleum Company Limited from the Corporate Affairs Commission, CAC, in Abuja on Friday.

In his speech at the event, the President stated that once the company is certified, the country expects nothing more from the Board of Directors, the General Manager and the Finance Manager other “than the realisation of a global national oil company that this nation desires and deserves.”

Under the recently signed Petroleum Industry Act, PIA, the Nigerian National Petroleum Corporation (NNPC) was to be transformed into a limited liability company, which has now been achieved.

The president described the certificate 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 that he expected a speedy transition by taking all necessary steps to transfer assets, human capital and materials “and without wasting time to capitalize the company as required by the Petroleum Industry Act.”

Expressing the hope that the institution will immediately begin to facilitate the effective implementation of the provisions of the PIA “on accelerated gas development and optimization of oil production and support for the energy transition.”

President Buhari said he was happy to note that the National Assembly had confirmed his nominations for the Board and Management of the regulatory institution.

In his comments, Mele Kyari, Group Managing Director of NNPC, said that 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 many values had been delivered over the past six years, “and we still have further accountability and values to deliver.”

Registrar / CEO of the Corporate Affairs Commission said that the registration, which was completed in 24 hours, met all the requirements of the Companies and Allied Matters Act, CAMA, as well as the PIA.

According to him, the new company is one of those with the largest capitalization of N200 billion in the country.

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

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