The Corporate Affairs Commission, CAC, has completed the incorporation of Nigerian National Petroleum Company Limited in accordance with the provisions of the Petroleum Industry Act (PIA), 2021.
The PIA was signed into law by President Muhammadu Buhari on Aug. 16.
Specifically, Section 53(1) of the Petroleum Industry Act 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 Corporate Affairs Commission, 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.
On Aug. 18, Buhari approved a steering committee, headed by the Minister of State, Petroleum Resources, Timipre Sylva to guide the effective and timely implementation of the PIA in the course of transition to the petroleum industry envisaged in the reform programme and ensure that the new institutions created have the full capability to deliver on their mandate under the new legislation.
Other members are Permanent Secretary, Ministry of Petroleum Resources, Group Managing Director, NNPC, Executive Chairman, FIRS, Representative of the Ministry of Justice, Representative of the Ministry of Finance, Budget and National Planning, Senior Special Assistant to the President on Natural Resources, Barrister Olufemi Lijadu as External Legal Adviser, while the Executive Secretary, Petroleum Technology Development Fund, will serve as Head of the Coordinating Secretariat and the Implementation Working Group.
The committee has 12 months duration for the assignment, and periodic updates will be given to Buhari. The Petroleum Industry Act provides legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry, the development of host communities, and related matters.
The Senate had passed the Bill on July 15, while the House of Representatives did the same on July 16, thus ending a long wait since the early 2000s, and notching another high for the Buhari administration. (NAN)