Financial Energy Review
……..By James Emejo and Sonia Mayomi…….
The Corporate Affairs Commission (CAC) Wednesday said it had completed the incorporation of Nigerian National Petroleum Company (NNPC) Limited in accordance with provisions of the provisions of Petroleum Industry Act (PIA), 2021 which was signed into law by President Muhammadu Buhari August 16.
Section 53(1) of the Petroleum Industry Act 2021, 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.
The Registrar General of CAC, the Alhaji Garba Abubakar, who disclosed the development at the quarterly meeting of Heads of Agencies in the Federal Ministry of Industry Trade and Investment, pointed out that the registration was completed same day after fulfilling all requirements set for the incorporation of the NNPC Limited.
Garba, while also providing update on the digitisation of the Trademark and Patent Registry which was being pursued by the CAC in a bid to ensure synergy and eliminate possible conflicts said the project was awaiting clearance from NITDA which was studying the statement of requirement submitted to it.
On the free federal government sponsored 250,000 Business names registration, the registrar general said despite suffering a delay from one of the selected aggregators, the commission had less than 3,000 applications to wind up the project and therefore gave a commitment to ensure completion by first week of October, 2021.
Declaring open the meeting earlier, the Minister of Industry Trade and Investment, Mr. 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 ministries purview.
The minister therefore charged the agencies to ensure more commitment and dedication to service for the overall growth of the economy.
Also, in her remarks, the Minister of State for Industry, Trade and Investment, Mrs. Maryam Katagum gave an update on the implementation of the COVID-19 Survival Fund which she described as tough and challenging experience.
Katagum however said the programme was a huge success and was due for wind up soon.
