BusinessDay

NNPC completes incorporation as limited liability company – CAC

The Corporate Affairs Commission (CAC) Wednesday said it had completed the incorporation of Nigerian National Petroleum Company (NNPC) Limited in accordance with provisions of the provisions of Petroleum Industry Act (PIA), 2021 which was signed into law by President Muhammadu Buhari on August 16.

According to CAC’s register general Garba Abubakar, the registration was completed the same day after fulfilling all requirements set for the incorporation of the NNPC Limited.

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.

Read also: How NNPC manicured its books to extract N287bn profit

As a limited liability company, NNPC will be required to pay taxes and dividends to its shareholders.

The CAC boss also updated the gathering on the digitisation of the trademark and patent registry which was being done by the CAC to ensure synergy and eliminate possible conflicts.

He explained that the digitisation project was awaiting approval from the National Information Technology Development Agency (NITDA).

On the free registration of 250,000 business names sponsored by the federal government, Abubakar said that despite delay from one of the selected aggregators, the commission had less than 3,000 applications to complete the project.

He said the commission would ensure completion by the first week of October 2021

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