CAC Announce The Completion Of The Incorporation Of NNPC Limited

CAC Announce The Completion Of The Incorporation Of NNPC Limited
CAC Announce The Completion Of The Incorporation Of NNPC Limited

CAC Announce The Completion Of The Incorporation Of NNPC Limited

 

The Corporate Affairs Commission (CAC) announced on Wednesday that it has completed the incorporation of Nigerian National Petroleum Company (NNPC) Limited.

In compliance with the Petroleum Industry Act (PIA) 2021, which President Muhammadu Buhari signed into law on August 16.

 

iexclusive News Nigeria reports that this comes just days after President Buhari, in his capacity as substantive Minister of Petroleum, authorized the formation of NNPC Limited.

 

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, who spoke at the Federal Ministry of Industry, Trade and Investment’s Quarterly Meeting of Heads of Agencies on Wednesday in Abuja.

 

According to reports monitored by iexclusive News iexclusive News Nigeria on NAN, Abubakar stated that the registration was finalized the same day after the NNPC Limited met all of the prerequisites for incorporation.

 

President Muhammadu Buhari ordered the incorporation of the Nigerian National Petroleum Company Limited earlier this month, with a directive to the NNPC’s Group Managing Director, Mr Mele Kolo Kyari, to take the necessary steps to ensure that the NNPC Limited’s incorporation complies with the provisions of the PIA 2021.

 

President Buhari also approved the appointment of the NNPC Limited Board of Directors and Management, effective from the company’s creation date, with Senator Ifeanyi Ararume as Chairman of the Board.

 

In addition, on August 18, the President approved a steering committee led by Timipre Sylva, Minister of State for Petroleum Resources, to guide the effective and timely implementation of the PIA in the course of the reform programme’s transition to the petroleum industry and ensure that the new institutions created have the full capability to deliver on their mandate under the new leg.

 

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.