Energy

CAC: NNPC N200 billion share capital highest in Nigeria

Nigerian National Petroleum Corporation (NNPC)

The Nigerian National Petroleum Company (NNPC) Limited has made history for being the company with the highest share capital in the country, the Corporate Affairs Commission (CAC) said on Friday.

The Registrar General, Corporate Affairs Commission, Alhaji Garba Abubakar, revealed this on Friday, in Abuja, while presenting the Certificate of Incorporation of the Company to President Muhammadu Buhari at the State House.

During the presentation ceremony, organized by the Management of the NNPC Limited, the CAC chief executive told President Muhammadu Buhari that the company was registered electronically within 24hrs, with an initial share capital of N200 billion Naira.

President Muhammadu 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.

President Muhammadu Buhari on 16 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 22 September, 2021.

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