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Wednesday, December 1, 2021

NNPC Turns Limited Liability Company after Incorporation with CAC

NNPC Turns Limited Liability Company after Incorporation with CAC

The Nigerian National Petroleum Company (NNPC) has metamorphosed into a limited liability company after completing its incorporation process with the Corporate Affairs Commission (CAC).

The incorporation is in accordance with the provisions of the Petroleum Industry Act (PIA), 2021, which was signed into law by President Muhammadu Buhari on August 16.

Section 53(1) of the PIA 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.

The registrar-general of the CAC, 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 further stated that the registration was completed same day after fulfilling all requirements set for the incorporation of the NNPC Limited.

The RG, 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.

Speaking also on the free federal government sponsored 250,000 Business names registration the registrar general noted that despite suffering a delay from one of the selected Aggregators, the Commission has less than 3,000 applications to wind up the project.

He however, gave a commitment to ensure completion by first week of October, 2021.

Speaking earlier, the minister of Industry Trade and Investment, Otunba Niyi Adebayo said the event holds quarterly to assess among others, the journey so far, challenges and way forward for the agencies under the ministries purview.

Adebayo charged the agencies to ensure more commitment and dedication to service for the overall growth of the economy.

The minister of state for industry, trade and investment, Amb. Maryam Katagum gave an update on the implementation of the Covid-19 Survival Fund which she described as a tough and challenging experience.

Katagum, however, added that the programme was a huge success and would wound up soon.

The meeting was attended by no few than 18 heads of agencies and directors in the ministry of industry, trade and investment.

Meanwhile, President Buhari has sent a request to the Senate to replace the nomination of Engr. Sarki Auwalu as the chief executive officer on the board of Nigerian Midstream and Downstream Petroleum Regulatory Authority (NPRA).

The request was contained in a letter dated September 28, 2021, and read by the Senate President, Ahmad Lawan, during plenary on Wednesday.

The President, in a previous letter dated September 16, 2021, had requested the upper chamber to confirm Auwalu alongside three others as board members of the NPRA.

However, President Buhari, in his new request received by the upper chamber, sought the replacement of Auwalu with Engr. Farouk A. Ahmed as chief executive officer.

He explained that the replacement request was duly in accordance with the provision of Section 34(3) of the PIA 2021.


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