30 Sep CAC fully incorporates new NNPC Limited
The Corporate Affairs Commission (CAC) said it has completed the incorporation of the Nigerian National Petroleum Company (NNPC) Limited in line with the new Petroleum Industry Act (PIA).
The Registrar-General of CAC, Garba Abubakar, announced this yesterday at the quarterly meeting of heads of agencies in the federal ministry of industry, trade and investment.
He noted that the registration was completed the same day after fulfilling all requirements set for the incorporation of the NNPC Limited.
The two Persons with Significant Control (PSC) of the company are the Ministry of Petroleum Incorporated and the Ministry of Finance Incorporated.
President Muhammadu Buhari had directed the incorporation of the new firm a fortnight ago. The company is expected to take off within six months as stipulated in the PIA, marking a concrete reform of the Nigerian National Petroleum Corporation (NNPC).
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