NNPC Has Highest Share Capital In Nigeria, Says CAC

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Industry synergy and intra-agency collaboration were top on the agenda, as the GMD #NNPC, Mallam Mele Kyari led the Corporation’s top management on an official visit to the Director/CEO of the Department of Petroleum Resources (DPR), Engr. Sarki Auwalu, at the Department's Headquarters in Abuja.

CHIBUOGWU NDID, ABUJA

The Corporate Affairs Commission (CAC), has said the Nigerian National Petroleum Company Limited (NNPC) has made history by becoming the company with the highest share capital in the country.

The Registrar General of the Corporate Affairs Commission, Alhaji Garba Abubakar, made the disclosure on Friday in Abuja while presenting the Certificate of Incorporation of the Company to President Muhammadu Buhari at the State House.

During the presentation ceremony which was organised by the Management of the NNPC Limited headed by the Company’s Chief Executive Officer Malam Mele Kyari.

Alhaji Garba Abubakar who told President Muhammadu Buhari that the Company was registered electronically within 24hrs added that it had an initial share capital of 200 Billion Naira.

Responding, President Muhammadu Buhari noted with delight the feat attained by the NNPC Limited and therefore charged the Management of the Company to ensure that it was adequately capitalised.

He pledged his continued support to the company which he said was strategic to the economic development of the country and therefore prayed for its success.

It would be recalled that President Muhammadu Buhari had on 16th August, 2021 signed into law, the Petroleum Industry Act (PIA), 2021.

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

THELEADNEWSREPORT recalls that the Registrar General, Alhaji Garba Abubakar had earlier disclosed that the CAC completed the Registration of the NNPC Limited on 22nd September, 2021.

 

 

 

 

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