NNPC Cutover Takes Place Friday

The rapid transition from the NNPC phase of a business enterprise to NNPC Limited takes place today at the NNPC Towers Amphitheatre, Abuja.

According to a tweet from NNPC Limited, this will be the final cutover ceremony from NNPC to NNPC Limited.

Recall that on July 20, 2022, forty-four years after inaugurating the Nigerian National Petroleum Corporation (NNPC) in 1977 as a colonel in the Nigerian Army and Minister of Petroleum Resources, President Muhammadu Buhari made history again when he unveiled the Nigerian National Petroleum Company Limited (NNPCL), an exercise that saw the NNPC officially transit to a limited liability entity in line with the provisions of the Petroleum Industry Act (PIA).

With the change in structure, the company has been regulated in line with the provisions of the Companies and Allied Matters Act (CAMA).

With a share capital of N200bn, the Nigerian National Petroleum Company (NNPC) Limited made history for being the company with the highest share capital in the country.