With Initial Floating Of N200bn, NNPC LTD Makes History As Company With Highest Capital In Nigeria

The Corporate Affairs Commission (CAC) has said that the Nigerian National Petroleum Company Limited has made history by becoming the company with the highest share capital in the country.

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

A statement from the CAC signed by Rasheed Mahe, Head Media Unit, CAC said Abubakar stated this the presentation ceremony which was organized by the Management of the NNPC LTD headed by the Company’s Chief Executive Officer Malam Mele Kyari.

Abubakar who told Buhari that the Company was registered electronically within 24hrs added that it had an initial share capital of N200bb.

Responding, President Muhammadu Buhari noted with delight the feat attained by the NNPC LTD 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 said was strategic to the economic development of the country and therefore prayed for its success.

It would be recalled that President Muhammadu Buhari had on 16th 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 WHISTLER recalls that Abubakar had earlier revealed that the CAC completed the registration of the NNPC LTD on 22nd September, 2021.