x

President Buhari Receives Certificate of Incorporation For NNPC

President Muhammadu Buhari has received the Certificate of Incorporation of the Nigerian National Petroleum Corporation (NNPC).

He 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 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.

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.

He said a transitional committee was already in place to incorporate NNPC Limited.

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, subsidy policies will remain in place till further notice.

Meanwhile, the minister on Thursday also said he was confident that the law will significantly boost Nigeria’s potential to achieve its oil production to four million barrels per day.

In addition, he said the passage of the PIA will also boost the nation’s oil reserves from 37 billion barrels to 40 billion barrels.

“The PIA 2021 will undoubtedly assist in harnessing Nigeria’s potential to achieve its oil production to four million barrels per day and oil reserves from 37 billion barrels to 40 billion barrels while also drawing on the country’s estimated 600 cubic ft of natural gas to provide clean and efficient energy,” Mr Sylva said at the SEPLAT Energy Summit which held in Abuja.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalist As...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

Abuja Road construction: Guzape, Kpaduma Residents Will Be Fully Compensated – Wike

By Joyce Remi-Babayeju The FCT Minister Barr Nysome Wike has...

mass Defection Hits Sokoto Pdp as Business Wing Joins Apc

By Muhammad Ibrahim, Sokoto  A significant blow to the Peoples...

world Bank Team Hails Sokoto L-pres Execution

The World Bank’s Third-Party Monitoring Team has commended the...

Youths Protest  Over Land Grabbing In Delta Community

By Anne Azuka  Youths from Ogbe-Akwu community in Ogwashi-Uku Kingdom...

Gov. Ododo Flags Off the Construction of  7.2 Idah Township Road

By Noah Ocheni, Lokoja Kogi State Governor, Alhaji Ahmed Usman...

Plateau Gives 72-Hour Ultimatum to Jos Motorcyclists

By Israel Adamu, Jos   Plateau State Government has raised alarm...

mutfwang’s Envoy Seeks Bank Partnership

By Israel Adamu, Jos   Special Envoy on Peace and Security...

Youths Protest  Over Land Grabbing In Delta Community

By Anne Azuka  In a powerful show of unity and...
spot_img

Related Articles

Popular Categories

spot_imgspot_img