BusinessOil & GasCAC Registrar Says NNPC Limited Has Capitalisation of N200 billion

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ABUJA — The newly incorporated Nigerian National Petroleum Company (NNPC) Limited has a capitalisation of N200 billion according to Garba Abubakar, registrar/chief executive officer of the Corporate Affairs Commission (CAC).

This was documented in a statement issued by Femi Adesina, the presidential spokesperson.

According to the statement, the registrar disclosed this on Friday in Abuja after President Muhammadu Buhari received the certificate of incorporation of the NNPC as a limited liability company.

Capitalisation is the book value or the total of a company’s debt and equity.

The CAC registrar said the registration was accomplished within 24 hours.

He also noted that all requirements of the Companies and Allied Matters Act (CAMA) and the Petroleum Industry Act(PIA) have been compiled.

“The incorporation is 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 read.

Beloved John (Staff Writer)

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