CAC completes incorporation of NNPC Ltd

The Corporate Affairs Commission (CAC), has completed the Incorporation of Nigerian National Petroleum Company (NNPC) Limited, in accordance with the provisions of the Petroleum Industry Act (PIA), 2021.

The PIA was signed into law by President Muhammadu Buhari on August 16.

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 Registrar-General of the CAC, Garba Abubakar, confirmed the incorporation in Abuja, while speaking at the quarterly meeting of heads of agencies in the Federal Ministry of Industry Trade and Investment.

He further said the registration was completed the same day after fulfilling all requirements set for the incorporation of the NNPC Limited.

NAN reports that on August 18, Mr Buhari approved a Steering Committee, headed by the Minister of State, Petroleum Resources, Timipre Sylva, to guide the effective and timely implementation of the PIA in the course of transition to the petroleum industry envisaged in the reform programme and ensure that the new institutions created have the full capability to deliver on their mandate under the new legislation.

Other members are Permanent Secretary, Ministry of Petroleum Resources, Group Managing Director, NNPC, Executive Chairman, FIRS, Representative of the Ministry of Justice, Representative of the Ministry of Finance, Budget and National Planning, Senior Special Assistant to the President on Natural Resources, Olufemi Lijadu as External Legal Adviser, while the Executive Secretary, Petroleum Technology Development Fund (PTDF), will serve as Head of the Coordinating Secretariat and the Implementation Working Group.

The committee has 12 months duration for the assignment, and periodic updates will be given to Buhari. The Petroleum Industry Act provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters.

The Senate had passed the Bill on July 15, while the House of Representatives did the same on July 16, thus ending a long wait since the early 2000s, and notching another high for the Buhari administration.

The Registrar-General, while updating the gathering on the digitisation of the Trademark and Patent Registry, said this is being pursued by the CAC to ensure synergy and eliminate other possible conflicts.

…the registration was completed the same day after fulfilling all requirements set for the incorporation of the NNPC Limited.

He said the project was awaiting clearance from the National Information Technology Development Agency (NITDA), which was studying the statement of requirements submitted to it.

Speaking also on the free federal government sponsored 250,000 business names registration; the Registrar-General noted that despite suffering a delay from one of the selected Aggregators, the Commission has less than 3,000 applications to wind up the project.

He, however, gave a commitment to ensure completion by the first week of October.

Speaking earlier, the Minister of Industry Trade and Investment, Niyi Adebayo, said the event holds quarterly to assess among others the journey so far, challenges and way forward for the agencies under the Ministry’s purview.

Adebayo charged the agencies to ensure more commitment and dedication to service for the overall growth of the economy.


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