NNPC tops share capital in Nigeria

The Corporate Affairs Commission (CAC) has named the Nigerian National Petroleum Company (NNPC) Limited has the company with the highest share capital in the country.

The Registrar General of CAC, Alhaji Garba Abubakar,  revealed this Friday in Abuja while presenting the Certificate of Incorporation of the Company to President Muhammadu Buhari at the State House.

In a press statement issued on Friday by the Head Media Unit, CAC, Rasheed Mahe said that the presentation ceremony which was organized by the management of the NNPC limited headed by the Company’s Chief Executive Officer Malam Mele Kyari.

Alhaji Garba Abubakar who told Buhari that the company was registered electronically within 24hrs, added that it had an initial share capital of 200 billion naira.

Responding, Buhari noted with delight the feat attained by the NNPC limited and therefore charged the management of the company to ensure that it was adequately capitalized.

He pledged his continued support to the company which he said was strategic to the economic development of the country and therefore prayed for its success.

President Buhari had on 16th August, 2021 signed into law, the Petroleum Industry Act (PIA), 2021.

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.