CAC Says It has Completed the Incorporation of NNPC Limited

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The Corporate Affairs Commission (CAC) on Wednesday, said that it has completed the incorporation of Nigerian National Petroleum Company (NNPC) Limited in accordance with the provisions of the Petroleum Industry Act (PIA), 2021 which was signed into law by President Muhammadu Buhari on August 16.

This is coming some days after President Buhari ordered the incorporation of NNPC Limited in his capacity as the substantive Minister of Petroleum.

Specifically, 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 6 months of the enactment of the PIA in consultation with the Minister of Finance on the nominal shares of the Company.

This was confirmed by the Registrar-General of the Corporate Affairs Commission, Alhaji Garba Abubakar, while speaking at the Quarterly meeting of Heads of Agencies in the Federal Ministry of Industry Trade and Investment on Wednesday in Abuja.

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

Recall that earlier in September, President Muhammadu Buhari ordered the incorporation of the Nigerian National Petroleum Company Limited with a directive to the Group Managing Director of the NNPC, Mr Mele Kolo Kyari, to take necessary steps to ensure that the incorporation of the NNPC Limited is consistent with the provisions of the PIA 2021.

President Buhari also approved the appointment of the Board and Management of the NNPC Limited, with effect from the date of incorporation of the company with Senator Ifeanyi Ararume named as the Chairman of the Board.

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Also, the President had on August 18, approved a steering committee, headed by the Minister of State, Petroleum Resources, Timipre Sylva to guide the effective and timely implementation of the PIA in the course of transition to the petroleum industry envisaged in the reform programme and ensure that the new institutions created have the full capability to deliver on their mandate under the new legislation.

Other members of the committee are Permanent Secretary, Ministry of Petroleum Resources, Group Managing Director, NNPC, Executive Chairman, FIRS, Representative of the Ministry of Justice, Representative of the Ministry of Finance, Budget and National Planning, Senior Special Assistant to the President on Natural Resources, Barrister Olufemi Lijadu as External Legal Adviser, while the Executive Secretary, Petroleum Technology Development Fund, will serve as Head of the Coordinating Secretariat and the Implementation Working Group.

Nairametrics

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