The Corporate Affairs Commission (CAC) on Friday declared that the Nigerian National Petroleum Company (NNPC) Limited had the highest share capital among registered entities in the country.
The Registrar General of the commission, Barrister Garba Abubakar, made this disclosure while presenting the Certificate of Incorporation of the company to President Muhammadu Buhari at the State House.
The Registrar General told Buhari during the ceremony organized by the Management of the NNPC Limited headed by the Company’s Chief Executive Officer, Malam Mele Kyari, that the company was registered electronically within 24 hours on September 22, 2021, with an initial share capital of N200 billion.
In his remarks, the President spoke on the record set by the NNPC Limited and charged the management to ensure that it was adequately capitalized.
Buhari promised government’s continued support for the company in view of its strategic roles in the nation’s sustainable economic growth
It would be recalled that President Muhammadu Buhari had, on 16th of August, 2021 signed into law, the Petroleum Industry Act (PIA), 2021.
By the provisions of Section 53(1) of the Act, the Minister of Petroleum Resources is mandated 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.
