The incorporation of NNPC Ltd by the Corporate Affairs Commission (CAC) has broken the record of highest share capital in the country.
The Registrar General of the Corporate Affairs Commission, Alhaji Garba Abubakar made this known Friday in Abuja while presenting the Certificate of Incorporation of the Company to President Muhammadu Buhari at the State House.
Alhaji Garba Abubakar revealed to President Muhammadu Buhari that the Company was registered electronically within 24hrs with an initial share capital of 200 Billion Naira.
In his response, President Muhammadu Buhari noted with delight the feat attained by the NNPC LIMITED and also 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.
Recall 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.