Buhari Unveils ‘New NNPC’, Firm to Sell Shares to Nigerians
- Nigerians can now own shares in the new NNPC which was launched on Tuesday by President Buhari in Abuja
- Buhari stated that the new NNPC has been repositioned from for growth and is now privately owned company with over 200 million shares
- The new NNPC will now be regulated by the Corporate Affairs Commission under the Companies and Allied Matter Act
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Nigeria’s President, Muhammadu Buhari unveiled the ‘new NNPC’ on Tuesday, July 19, 2022 in an event that officially changed the name of the oil company from state-owned and state-operated to a commercial oil company which is limited by shares.
The new NNPC limited will be handled by a private energy company, a departure from the corrupt government agency.
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New NNPC will operate with excellence
The unveiling took place at the presidential banquet hall in Abuja.
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Buhari stated that Nigeria is transforming its petroleum industry in order to strengthen the growth.
He said that NNPC will now operate as a commercial oil company with over 200 million shares with ‘integrity and excellence’.
Premium Times report stated that this came weeks after the corporation moved into a company whose activities will be under the regulation Corporate Affairs Commission, under the Companies and Allied Matters Act.
Now a commercially-inclined business
The company completed its incorporation in September 2021, weeks after the PIA Act was signed into law by Buhari.
The company took off then with a floated share capital of N200 billion, making it the company with the highest share capital in Nigeria.
It is expected that the new NNPC will become a commercially-inclined and profit-making company which is independent of government control despite government bodies owning shares in it.
NNPC is now Nigeria’s biggest company by shares capital as it enters a new era after 44 years
Legit.ng reported that President Muhammdu Buhari will Tuesday, 19 July 2022, officially change the status of the Nigerian National Petroleum Company Limited (NNPC) to become a fully Limited Liability Company.
NNPC's operations will now be fully compliant with the terms of the Companies and Allied Matters Act (CAMA) of 20. This means that the general public can now buy and sell NNPC shares, but not yet.
NNPC, on the other hand, established an initial share capital of N200 billion when it was incorporated with the Corporate Affairs Commission.
Source: Legit.ng
