NNPC incorporated with ‘highest’ N200 billion share capital: CAC

 

NNPC incorporated with ‘highest N200 billion share capital
The Corporate Affairs Commission (CAC) says the Nigerian National Petroleum Company (NNPC) Limited had made history for being the company with the highest share capital in the country.

The Registrar General, Corporate Affairs Commission, Garba Abubakar, revealed this 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, organised by the management of the NNPC Limited headed by the Company’s Chief Executive Officer, Mele Kyari, the CAC chief executive told Mr Buhari that the company was registered electronically within 24hrs, with an initial share capital of N200 billion Naira.

Responding, the president 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 noted, was strategic to the economic development of the country and therefore, prayed for its success.

Mr Buhari had on 16th of 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.

Mr Abubakar had earlier revealed that the CAC completed the registration of the NNPC Limited on 22nd September, 2021.

(NAN)

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