October 18, 2021

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NNPC share capital of N200bn highest in Nigeria — CAC

President Buhari receiving certificate of incorporation from the Registrar General of CAC

President Buhari receiving certificate of incorporation from the Registrar General of CAC

By Chinenye Offor
The Corporate Affairs Commission (CAC), says the Nigerian National Petroleum Company (NNPC) Limited had made history for being the company with the highest share capital in the country.
CAC’s Registrar General, Alhaji Garba Abubakar, revealed this in Abuja, while presenting the Certificate of Incorporation of the Company to President Muhammadu Buhari at the State House.
Abubakar said that the company was registered electronically within 24hrs, with an initial share capital of N200 billion.
He said that the commission completed the registration of the NNPC Limited on Sept. 22, 2021.
Responding, President Muhammadu Buhari noted with delight the feat attained by the NNPC Limited and charged the Management of the Company to ensure that it was adequately capitalised.
He pledged his continued support to the company which, he noted, was strategic to the economic development of the country and prayed for its success.
NAN reports that the presentation ceremony was organised by the management of the NNPC Limited headed by the its Chief Executive Officer, Malam Mele Kyari.
NAN also reports that President Muhammadu Buhari on Aug. 16, signed into law, the Petroleum Industry Act (PIA), 2021.
Section 53(1) of the PIA, 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.(NAN)
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