Garba Abubakar, registrar/chief executive officer of the Corporate Affairs Commission (CAC), says the newly incorporated Nigerian National Petroleum Company (NNPC) Limited has a capitalisation of N200 billion.
Capitalisation is the book value or the total of a company’s debt and equity.
Abubakar said this on Friday when President Muhammadu Buhari received the certificate of incorporation of the NNPC as a limited liability company in Abuja.
The CAC registrar said “the registration, accomplished within 24 hours, has complied with all requirements of the Companies and Allied Matters Act (CAMA) and the Petroleum Industry Act(PIA).
In a statement issued by Femi Adesina, presidential spokesperson, Abubakar disclosed that the new company is one with the “largest capitalisation” of N200 billion in the country.
Speaking while receiving the certificate of incorporation, President Muhammadu Buhari said he expects nothing less from the company’s board of directors and its officials “than the realisation of a global national oil company that this nation desires and deserves.”
The statement noted that 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.”
“President Buhari said he was happy to note that the national assembly has 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,” the statement reads.
In his remarks, Mele Kolo Kyari, group managing director of NNPC, said the incorporation was “history made again, a massive transformation from what we know, to where we are going,” under the leadership of President Muhammadu Buhari.”
He added that the company hopes to deliver accountability and values. (The Cable)
