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Tuesday, May 17, 2022

Nigeria incorporates NNPC Ltd in line with newly signed PIA

Two weeks after President Mohammadu Buhari directed the head of the state-run oil corp to incorporate the Nigeria National Petroleum Corporation (NNPC) as a limited liability company, the company has been registered by the Corporate Affairs Commission (CAC).

The incorporation of a company which was concluded on September 22, has Registration number; RC 1843987.

The incorporation was done in line with the provisions of the newly signed Petroleum Industry Act (PIA).

Speaking at the quarterly meeting of heads of agencies in the federal ministry of industry, trade and investment, the Registrar-General of the CAC, Garba Abubakar confirmed the incorporation of NNPC Limited.

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Abubakar said that the registration was completed the same day after fulfilling all requirements set for the incorporation of the NNPC Limited.

The president had cited section 53(1) of PIA 2021, which 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 as the motive behind his directive.

A statement by presidential spokesman, Femi Adesina on September 19, stated that the president has constituted the board of the yet to be incorporated oil firm with the current Group Managing Director of the NNPC, Mele Kolo Kyari to assume the position of the chief executive of the commercialise oil firm.

Mele was also directed to take necessary steps to ensure that the incorporation of the NNPC Limited is consistent with the provisions of the PIA 2021.

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