October 23, 2021

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N200bn NNPC Limited Share Capital, the highest in Nigeria history

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A Commercial Aircraft Being Refueled

An unprecedented event has occurred in the nation’s business terrain when the Nigerian National Petroleum Company Limited, NNPCL, got registered for business with a whooping N200bn, with the Corporate Affairs Commission, CAC. Thus becoming the company with the highest share capital ever in the history of the country.

The Registrar General, Corporate Affairs Commission, CAC, Alhaji Garba Abubakar, made this known over the weekend, in Abuja, while presenting the Certificate of Incorporation of the Company to the President, Major General Muhammadu Buhari (rtd.), at the State House.

At the very brief presentation ceremony, the CAC Chief Executive told General Buhari that the company was registered electronically within 24hrs, and with an initial share capital of N200 billion Naira only.

The brief event which was organized by the Management of the NNPC Limited had in attendance, the NNPCL Chief Executive Officer, CEO, Mr Mele Kyari, among other newly appointed members of its management.

In his speech, the President and Commander in Chief, Muhammadu Buhari, expressed his delight in the feat attained by the NNPC Limited and therefore, charged the management of the company to ensure that the company was adequately capitalized.

Buhari pledged his continued support to the company which, he noted, was strategic to the economic development of the nation and therefore, prayed for its success.

Senator Ifeanyi Ararume, Chairman, Board of Directors, NNPC Limited,

Recall that President Buhari had on the 16th of August 2021, signed into law, the Petroleum Industry Act, 2021.
And taking cognizance of Section 53(1) of the Petroleum Industry Act 2021, it 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, CAC, in his welcome remark had earlier revealed that the CAC completed the Registration of the NNPC Limited on 22nd September 2021.

However, top management of domestic airlines and the country representatives of most of the foreign airlines operating in and out of the nation’s air space have expressed optimism that if the spirit and letters of the new act being actualized are run well, dedicated production lines for aviation fuel, should soon be producing in sufficient quantity and at a price which will make economic sense to the airlines.

Airlines managers have severally been singing it to the hearing of those who should be worried that aviation fuel takes 40 per cent of its operational cost and whatever will make the cost lower and the product regularly available they will support.

Now will be the best time to approach the management of NNPC Limited and elicit what the new company has for the production of JETA1

Members of the board of Directors as announced by the President are, Ifeanyi Ararume, Chairman of the Board, Mele Kolo Kyari as Chief Executive Officer and Umar Ajiya Chief Financial Officer.

Others include; “Tajudeen Umar (North East), Lami Ahmed (North Central), Mohammed Lawal (North West), Margaret Chuba Okadigbo from South East, Constance Harry Marshal also from the South-South, and Pius Akinyelure (South West),”

Recall that General Buhari still reserves the position of the Minister of Petroleum Resources to himself


(NAN)

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