The Corporate Affairs Commission (CAC) has completed the Incorporation of Nigerian National Petroleum Company Limited in accordance with the provisions of the Petroleum Industry Act (PIA), 2021.
This is coming some days after President Buhari ordered the incorporation of NNPC Limited in his capacity as the substantive Minister of Petroleum.
CAC Registrar General, Alhaji 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 explained that the registration was completed same day after fulfilling all requirements set for the incorporation of the NNPC Limited. Abubakar, while updating the gathering on the digitisation of the Trademark and Patent Registry, said that the digitisation was being pursued by the CAC in a bid to ensure synergy and eliminate other possible conflicts. He said that the project was awaiting clearance from NITDA which was studying the statement of requirements submitted to it.
Specifically, 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 6 months of the enactment of the PIA in consultation with the Minister of Finance on the nominal shares of the Company.
The PIA was signed into law by President Muhammadu Buhari on August 16. Specifically, 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.
