By John Ikani
The Registrar-General of the Corporate Affairs Commission (CAC), Mr Garba Abubakar has revealed that the Nigerian National Petroleum Company (NNPC) has made history by becoming the company with the highest share capital in the country.
Abubakar, revealed this in Abuja, Nigeria’s capital, while presenting the Certificate of Incorporation of the Company to President Muhammadu Buhari at the State House.
“The Company was registered electronically within 24hrs and had an initial share capital of 200 Billion Naira,” said Mr Abubakar.
President 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 capitalized.
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.
Recall that President 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.
The Registrar General, had earlier revealed that the CAC completed the Registration of the NNPC Limited on 22nd September, 2021.