The Corporate Affairs Commission (CAC) revealed that the Nigerian National Petroleum Company (NNPC) Limited will have one of the largest registered share capital in Nigeria with a valuation of N200 billion.
This was disclosed by the Registrar General, Corporate Affairs Commission, Alhaji Garba Abubakar, during the presentation of the Certificate of Incorporation of the Company to President Muhammadu Buhari at the State House, on Friday in Abuja, according to the News Agency of Nigeria. The CAC also revealed that the new company was registered electronically within 24 hours, with an initial share capital of N200 billion naira. NNPC Limited would be headed by the Company’s Chief Executive Officer, Malam Mele Kyari.
President Muhammadu Buhari urged the new management that the company to ensure that it was adequately capitalized, stating that NNPC Limited was strategic to the economic development of the country and therefore, prayed for its success.
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Recall Nairametrics reported earlier that President Muhammadu Buhari officially received the Certificate of Incorporation by the Corporate Affairs Commission (CAC) for the National Petroleum Company Limited.
President Buhari said he expects a quick transition to operations without wasting time to capitalize the company as required by the Petroleum Industry Act.
He added that he was happy to note that the National Assembly had confirmed his nominations for the Board and Management of the two regulatory institutions, and expressed hopes that the institutions would immediate take-off to facilitate effective implementation of the provisions of the PIA on accelerated gas development and optimization of oil production and support for energy transition.