Business

Buhari receives NNPC certificate of incorporation

President Muhammadu Buhari, Friday, officially received the certificate of incorporation of the Nigeria National Petroleum Company Limited from the Corporate Affairs Commission (CAC).

NewsWireNGR recalls that the recently signed Petroleum Industry Act (PIA), mandated that the Nigerian National Petroleum Corporation (NNPC), should transform into a limited liability company.

Speaking in Abuja while receiving the certificate of the NNPC, Buhari noted that with the certification of the company the country expected nothing less from the Board of Directors, the Chief Executive Officer, and the Chief Finance Officer, “than the realisation of a global national oil company that this nation desires and deserves.”

The president described the incorporation as “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.”

He said his expectation was for a speedy transition through taking all steps required to transfer assets, human and material, “and without wasting time to capitalize the company as required by the Petroleum Industry Act.”

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