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...

ABUJA — The cost of petrol subsidy depleted revenue that should have been available to fund the 2021 budget according to President Muhammad Buhari. The president who spoke on Thursday while presenting the 2022 appropriation bill at the national assembly, said an increase in the pump price of petrol was due to opposition from the labour unions and other stakeholders. He noted that the subsidy significantly destroyed revenues that should have been available to fund...

ABUJA — Senate President Ahmad Lawan has said with the confirmation of the board members of the newly created Nigerian Upstream Regulatory Commission, the Department of Petroleum Resources (DPR) has been scrapped. After the confirmation of the board members on Wednesday, Lawan said with the Petroleum Industry Act (PIA) and the confirmation of the nominees sent to the Senate by President Muhammadu Buhari, said the new commission would take over the functions of the defunct...