Page 9 - DMEA Week 41 2021

DMEA COMPANIES DMEA

Buhari hails

establishment of new NOC

AFRICA NIGERIA’S President Muhammadu Buhari says management positions at NNPC Ltd and said
the country “expects nothing less” than that the he expected the new company’s leaders to act
newly incorporated Nigerian National Petro- quickly to implement the provisions of the PIA.
leum Co. Ltd (NNPC Ltd), with a capitalisation NNPC Ltd will play a key role in Nigeria’s
of NGN200bn ($487mn) will become a globally efforts to accelerate natural and associated gas
competitive firm. development, optimise crude oil production
He was speaking after receiving a certificate of and prepare for the transition to renewable and
incorporation for NNPC Ltd, according to local lower-carbon fuels, he explained.
press reports. The president also expressed satisfaction with
State-owned NNPC Ltd was established last the speed of NNPC’s replacement with the new
month as an effective replacement for Nigerian oil company.
National Petroleum Corp. (NNPC), the national The NOC had acted rapidly to uphold the
oil company (NOC). Abuja took this step in line relevant provisions of the PIA and succeeded
with the Petroleum Industry Act (PIA), which in making all the legally required transfers of
was signed earlier this year. human and material assets, he said.
That legislation called for NNPC to be incor- Corporate Affairs Commission (CAC) head
porated as a limited liability company without Garba Abubakar, who attended the presentation
direct access to government funding. of NNPC’s Ltd incorporation certificate, also
Buhari described the establishment of the hailed the rapidity with which the new company
new entity as “a significant milestone in our quest had been established.
to create an enduring national energy company He noted that NNPC’s replacement had been
that can compete with its global peers and deliver set up and registered within 24 hours – and in
value to its shareholders, the Nigerian people.” compliance with all requirements set by Nigeria’s
He also reported that the National Assembly had Companies and Allied Matters Act (CAMA), as
confirmed all of his nominations for board and well as the PIA.™

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