The Corporate Affairs Commission (CAC) has said that the newly incorporated Nigerian National Petroleum Company (NNPC) Limited has a capitalisation of N200 billion.
The Commission’s Registrar General, Alhaji Garba Abubakar, disclosed this during the presentation of the Certificate of Incorporation of the Company to President Muhammadu Buhari at the State House on Friday in Abuja.
Specifically, the CAC said that the NNPC Ltd was registered electronically within 24 hours, with an initial share capital of N200 billion naira.
Under the recently signed Petroleum Industry Act (PIA), the NNPC was expected to transform to a limited liability company, a dream that has now been accomplished.
The new company would be headed by the Company’s Chief Executive Officer, Malam Mele Kyari, currently the Group Managing Director (GMD).
Speaking at the event, President Muhammadu Buhari, who is also the Minister of Petroleum Resources, urged the new management the company to ensure that it was adequately capitalized, stating that NNPC Limited was strategic to the economic development of the country.
Buhari described 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.”
He said that 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.
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.
Earlier, the GMD had noted that lots of values had been delivered in the past six years, “and we still have further accountability and values to deliver.”