PIA: Buhari Receives NNPC Certificate Of Incorporation

NNPC Certificate Of Incorporation
President Muhammadu Buhari receives NNPC Certificate of Incorporation
  • Buhari receives NNPC certificate of incorporation from the Corporate Affairs Commission (CAC)
  • Senate confirmed the appointment of 4 nominees as board members of the new Nigerian Midstream and Downstream Petroleum Regulatory Authority

Ekohotblog reports that President Muhammadu Buhari on Friday received the certificate of incorporation of the Nigeria National Petroleum Company (NNPC) Limited from the Corporate Affairs Commission (CAC).

 

Buhari who received the document in Abuja challenged the new management of the company saying the country expects nothing less from the Board of Directors, the Chief Executive Officer, and the Chief Finance Officer, “than the realization of a global national oil company that this nation desires and deserves.”

 

He described the event as a significant milestone in Nigeria’s quest to create an enduring National Energy Company that can compete with its global peers and deliver value to its shareholders.

Read Also: BREAKING: President Buhari Writes Senate Over PIA

The President said he expects a quick transition to operations without wasting time to capitalize the company as required by the Petroleum Industry Act.

 

He added that he was happy “to note that the National Assembly had confirmed his nominations for the Board and Management of the two regulatory institutions,” and expressed hopes that the ”institutions would immediately take-off to facilitate effective implementation of the provisions of the PIA on accelerated gas development and optimization of oil production and support for the energy transition.”

 

Group Managing Director of NNPC, Mele Kyari said, “History made again, a massive transformation from what we know, to where we are going, under the leadership of President Buhari.”

 

He added that the company has made progress over the years but still has further accountability and values to deliver.

 

Ekohotblog gathered that earlier that the Senate confirmed the appointment of 4 nominees as board members of the new Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), coming a day after the members of the upper legislative chamber confirmed the appointment of the 4 members of the board of the Nigerian Upstream Regulatory Commission (NURC).

 

Recall that the Petroleum Industrial Act (PIA) was signed into law by Buhari on August 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.

 

According to the president, the PIA creates a regulatory environment that will ensure efficiency and accountability across the oil and gas value chain and reposition NNPC to a commercially driven National Petroleum Company accountable to the federation.

 

The Act also provides for a direct benefit framework that will enable the sustainable development of host communities.

You may also like to read: BREAKING: President Buhari Writes Senate Over PIA

 

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