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CAC completes incorporation of NNPC as a public company

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The Corporate Affairs Commission (CAC) said it has completed the incorporation of the Nigerian National Petroleum Company (NNPC) Limited in line with the new Petroleum Industry Act (PIA).

The Registrar-General of CAC, Garba Abubakar, said this on Wednesday at the quarterly meeting of heads of agencies in the federal ministry of industry, trade and investment.

He noted that the registration was completed the same day after fulfilling all requirements set for the incorporation of the NNPC Limited.

A quick search on the CAC website on the new company returned information as being registered on September 22, 2021 with ‘Active’ status. It retained the NNPC Towers on Central Business District, Herbert Macaulay Way, Abuja as the business address.

The two Persons with Significant Control (PSC) of the company are the Ministry of Petroleum Incorporated and the Ministry of Finance Incorporated.

Read also: NEITI, CAC to reveal real owners of oil, gas mining assets in Nigeria

President Muhammadu Buhari had directed the incorporation of the new firm a fortnight ago. The company is expected to take off within six months as stipulated in the PIA, marking a concrete reform of the Nigerian National Petroleum Corporation (NNPC).

According to Information on the CAC website, to register a public limited company not having a share capital, it will cost at least N20,000.

Meanwhile, NNPC has expressed willingness to partner with Nigerian Exchange (NGX) Limited to sell its shares to the public in two years time.

Kyari in a statement when a team of NGX directors visited said, “The recent signing of the Petroleum Industry Act has opened up unique opportunities to create value for our shareholders. As such, there will be the need to access capital to build on our positioning as the largest corporation in Africa and expand capacity.

“We will, therefore, be pleased to collaborate with NGX on the short-term and long-term financing options available in the market and I must thank you for taking the time to visit us today to take this conversation further.’’

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