President Muhammadu Buhari has received the Certificate of Incorporation of the Nigerian National Petroleum Corporation (NNPC) Company Limited, saying the country expects nothing less from it than the realization of a global national oil company.
This is contained in a statement from the Special Adviser to the President on Media and Publicity, Femi Adesina.
The President was presented with the certificate at the State House on Friday by the Minister of State for Petroleum, Timipre Sylva, Registrar Corporate Affairs Commission, Alhaji Garba Abubakar and NNPC Group Managing Director, Mele Kyari.
Others at the presentation include the Permanent Secretary, Ministry of Finance, Budget & National Planning Aliyu Ahmed; Chief of Staff to President Buhari, Ibrahim Gambari; Secretary to the Government of the Federation, Boss Mustapha; Permanent Secretary, Ministry of Petroleum Resources Dr. Nasir Sani Gwarzo, and NNPC CFO, Umar Isa Ajiya.
President Muhammadu Buhari described the incorporation as “a significant milestone in our quest to create an enduring National Energy Company that can compete with its global peers and deliver value to its shareholders, the Nigerian people.”
He said his expectation was for a speedy transition through taking all steps required to transfer assets, human and material, “and without wasting time to capitalize the company as required by the Petroleum Industry Act.”
President Buhari expressed his happiness over the confirmation of the Board and Management of the two regulatory institutions by the National Assembly.
“I expects immediate take-off to facilitate effective implementation of the provisions of the PIA on accelerated gas development and optimization of oil production and support for energy transition,” he added.
Following the signing of the Petroleum Industry Bill into law by President Muhammadu Buhari on August 17, Mr Sylva had said that the (NNPC) will become a commercial company within six months.
Consequently, all shares in NNPC Limited are expected to be vested in the government at incorporation and held by the Ministry of Finance.
Mr Sylva noted that although the new Petroleum Act has deregulated the oil sector and will boost oil Production, subsidy policies will remain in place till further notice.
In his remarks, Group Managing Director of NNPC, Mele Kolo Kyari, said the incorporation was “history made again, a massive transformation from what we know, to where we are going,” under the leadership of President Muhammadu Buhari.
He added that lots of values have been delivered in the past six years, “and we still have further accountability and values to deliver.”
Registrar/Chief Executive Officer of the Corporate Affairs Commission, Alhaji Garba Abubakar, said the registration, accomplished within 24 hours, has complied with all requirements of the Companies and Allied Matters Act (CAMA), and the PIA, disclosing that the new company is one with largest capitalization of N200 billion in the country.
He added that the registration in the short time, “underscores strong collaborations among agencies of government.”
Under the recently signed Petroleum Industry Act (PIA), the Nigerian National Petroleum Corporation (NNPC), was expected to transform to a limited liability company.