On 01 July 2022, the Nigerian National Petroleum Company (NNPC) Limited was legally transformed into a company whose operations and activities are regulated under the Companies and Allied Matters Act (CAMA). Its transformation into a CAMA company follows implementation of the Petroleum Industry Act (PIA) 2021.
Nigeria’s President Muhammadu Buhari will officially unveil the new NNPC Ltd on Tuesday 19 July 2022.
On 21Sept 2021, the Corporate Affairs Commission (CAC) completed the incorporation of NNPC Ltd, in accordance with provisions of the PIA 2021, which was signed into law by President Muhammadu Buhari on 16 August 2021, following its passage by the National Assembly in July 2021.
In line with the registration by the CAC, the NNPC Ltd was floated with an initial capital of N200 billion thereby making history as the company with the highest share capital in the country.
Transition of the Nigerian National Petroleum Company into an entity to be regulated in line with provisions of the companies and Allied Matters Act will position it as a partner of choice to all oil and gas companies globally.
One of the things that will change is that NNPC is expected to become a commercially oriented and profit-driven national petroleum company.