Buhari:NNPC Incorporation Pace To Global Reckoning

–N200bn Shares Capital Highest So Far

President Muhammadu Buhari says the recent incorporation of the Nigerian National Petroleum Corporation would create inroad for the corporation’s global reckoning.

Buhari,who  disclosed this when he  received the certificate of incorporation of the Nigeria National Petroleum Company Limited, said  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 incorporation as a significant milestone in our quest to create an enduring National Energy Company that can compete with its global peers and deliver value to its shareholders, the Nigerian people.

According to him,his expectation was for a speedy transition through taking all steps required to transfer assets, human and material, and without wasting time to capitalize the company as required by the Petroleum Industry Act.

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

He also said  lots of values have been delivered in the past six years, “and we still have further accountability and values to deliver.”

In his remarks,Registrar/Chief Executive Officer of the Corporate Affairs Commission, Alhaji Garba Abubakar, said the registration, accomplished within 24 hours, has complied with all requirements of the Companies and Allied Matters Act (CAMA), and the Petroleum Industry Act.

He disclosed that the new company is one with largest capitalization of N200 billion in the country,adding that the registration in the short time,underscores strong collaborations among agencies of government.”