PIA makes NNPC largest Capitalization company — FG

PIA makes NNPC largest Capitalization company — FG

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With N200 billion equity stake, the Nigerian National Petroleum Corporation (NNPC), has become one of the largest Capitalization in the Country.

Under the recently signed Petroleum Industry Act (PIA), the Nigerian National Petroleum Corporation (NNPC), was expected to transform to a limited liability company, a fact that has now been accomplished.

Alhaji Garba Abubakar, Registrar/Chief Executive Officer of the Corporate Affairs Commission when President Muhammadu Buhari received the certificate of incorporation of the Nigeria National Petroleum Company Limited on Friday in Abuja.

Femi Adesina, Special Adviser to the President on Media and Publicity quoted Abubakar as saying that the registration, accomplished within 24 hours, has complied with all requirements of the Companies and Allied Matters Act (CAMA),

Adesina in a statement on Friday sais Buhari stressed that the Country expects nothing less from the Board of Directors, the Chief Executive Officer, and the Chief Finance Officer, “than the realization of a global national oil company that this nation desires and deserves”.

The President 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 his expectation was for a speedy transition through taking all steps required to transfer assets, human and material, “and without wasting time to capitalize the company as required by the Petroleum Industry Act.”

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The President said he was happy to note that the National Assembly has 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 optimization of oil production and support for energy transition”.

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

He added that lots of values have been delivered in the past six years, “and we still have further accountability and values to deliver”.

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