CAC Incorporates NNPC As Limited Liability Company

The Corporate Affairs Commission on Wednesday said it had completed the incorporation of Nigerian National Petroleum Company in line with the provisions of the Petroleum Industry Act.

The commission’s Registrar-General, Garba Abubakar, confirmed the development in Abuja while speaking at the quarterly meeting of heads of agencies in the Ministry of Industry, Trade and Investment.

According to him, the registration was completed the same day after fulfilling all requirements set for the incorporation of the NNPC Limited.

Section 53(1) of the PIA, 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.

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

The CAC boss also disclosed that the digitisation of the trademark and patent registry was in the works 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.

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 mandate.

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

Declaring open the meeting, the Minister of Industry Trade and Investment, Niyi Adebayo, said the event was being held quarterly to asses among others things the journey so far, challenges and way forward for the agencies under the ministry’s purview.

The minister therefore charged the agencies to ensure more commitment and dedication to service for the overall growth of the economy.

In her remarks, the Minister of State for Industry, Trade and Investment, Maryam Katagum, gave an update on the implementation of the COVID-19 Survival Fund which she described as tough and challenging experience.