With N200bn Capitalisation, President Tells NNPC to Compete with Global Best

The newly incorporated Nigerian National Petroleum Company (NNPC) Limited has a capitalisation of N200 billion.

This emerged yesterday in Abuja when President Muhammadu Buhari received the certificate of incorporation of the firm.

Under the recently signed Petroleum Industry Act (PIA), the Nigerian National Petroleum Corporation (NNPC) was expected to transform to a limited liability company, a dream that has now been accomplished.

Apparently impressed with its new structure, the President charged the management of NNPC to work towards the realisation of a global national oil company that could compete favourably with its counterparts across the world.

Buhari said the country “expects nothing less” from the Board of Directors, the Chief Executive Officer, and the Chief Finance Officer of the company than the realisation of a global national oil company that Nigeria desires and deserves.

The President 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.”
According to him, his expectation was for a speedy transition through taking all steps required to transfer assets, human and material, and without wasting time to capitalise the company as required by the PIA.

President Buhari said he was happy to note that the National Assembly had confirmed his nominations for the Board and Management of the two regulatory institutions, and expects immediate take-off to facilitate effective implementation of the provisions of the PIA on accelerated gas development and optimisation of oil production and support for energy transition.

Earlier in his remarks, Group Managing Director (GMD) of NNPC, Mele Kolo Kyari, said: “NNPC is history made again; a massive transformation from what we know, to where we are going, under the leadership of President Buhari.”

He added that lots of values had been delivered in the past six years, “and we still have further accountability and values to deliver.”
Also speaking, Registrar/Chief Executive Officer of the Corporate Affairs Commission (CAC), Alhaji Garba Abubakar, said the NNPC registration, accomplished within 24 hours, had complied with all requirements of the Companies and Allied Matters Act (CAMA), and the PIA.
He added that the registration in the short time, underscored strong collaborations among agencies of government.