{"id":91031,"date":"2021-10-08T17:22:33","date_gmt":"2021-10-08T16:22:33","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=91031"},"modified":"2021-10-08T17:22:33","modified_gmt":"2021-10-08T16:22:33","slug":"cac-registrar-nnpc-limited-has-capitalisation-of-n200-billion","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2021\/10\/08\/cac-registrar-nnpc-limited-has-capitalisation-of-n200-billion\/","title":{"rendered":"CAC registrar: NNPC limited has capitalisation of N200 billion"},"content":{"rendered":"

Registrar\/chief executive officer of the Corporate Affairs Commission (CAC), Garba Abubakar has disclosed that the newly incorporated Nigerian National Petroleum Company (NNPC) Limited has a capitalisation of N200 billion.<\/p>\n

Capitalisation is the book value or the total of a company\u2019s debt and equity.<\/p>\n

Abubakar said this on Friday when President Muhammadu Buhari received the certificate of incorporation of the NNPC<\/a> as a limited liability company in Abuja.<\/p>\n

The CAC registrar said \u201cthe registration, accomplished within 24 hours, has complied with all requirements of the Companies and Allied Matters Act (CAMA) and the Petroleum Industry Act(PIA).<\/p>\n

\n

In a statement issued by Femi Adesina, presidential spokesperson, Abubakar disclosed that the new company is one with the \u201clargest capitalisation\u201d of N200 billion in the country.<\/p>\n

Speaking while receiving the certificate of incorporation, President Muhammadu Buhari said he expects nothing less from the company\u2019s board of directors and its officials \u201cthan the realisation of a global national oil company that this nation desires and deserves.\u201d<\/p>\n

The statement noted that the President described the incorporation as \u201ca 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.\u201d<\/p>\n

\u201cPresident Buhari said he was happy to note that the national assembly has confirmed his nominations for the board and management of the two regulatory institutions and expects immediate take-off to facilitate effective implementation of the provisions of the PIA on accelerated gas development and optimisation of oil production and support for energy transition,\u201d the statement reads.<\/p>\n

In his remarks, Mele Kolo Kyari, group managing director of NNPC, said the incorporation was \u201chistory made again, a massive transformation from what we know, to where we are going,\u201d under the leadership of President Muhammadu Buhari.\u201d<\/p>\n

He added that the company hopes to deliver accountability and values.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Registrar\/chief executive officer of the Corporate Affairs Commission (CAC), Garba Abubakar has disclosed that the newly incorporated Nigerian National Petroleum Company (NNPC) Limited has a capitalisation of N200 billion. Capitalisation is the book value or the total of a company\u2019s debt and equity. Abubakar said this on Friday when President Muhammadu Buhari received the certificate […]<\/p>\n","protected":false},"author":17,"featured_media":91050,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[16306,10436,1193,18576],"class_list":["post-91031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-garba-abubakar","tag-muhammadu-buhari","tag-nnpc","tag-petroleum-industry-act"],"yoast_head":"\nCAC registrar: NNPC limited has capitalisation of N200 billion<\/title>\n<meta name=\"description\" content=\"Registrar\/chief executive officer of the Corporate Affairs Commission (CAC), Garba Abubakar has disclosed that the newly incorporated Nigerian National Petroleum Company (NNPC) Limited has 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