Connect with us


CAC Concludes Registration of NNPC Limited



NNPC profit 44 years

By Aduragbemi Omiyale

The registration of Nigerian National Petroleum Company (NNPC) Limited by the Corporate Affairs Commission (CAC) has been completed.

Recall that last week, President Muhammadu Buhari had directed the Group Managing Director of the agency, Mr Mele Kyari, to begin the process of incorporating the organisation in accordance with the provisions of the Petroleum Industry Act (PIA) he signed into law on August 16, 2021.

Section 53(1) of the law mandated the Minister of Petroleum Resources, who incidentally is Mr Buhari, 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.

Speaking at the quarterly meeting of Heads of Agencies in the Federal Ministry of Industry Trade and Investment in Abuja on Tuesday, the Registrar-General of CAC, Mr Garba Abubakar, announced that the registration was concluded the same day after fulfilling all requirements set for the incorporation of the firm.

Mr Abubakar, while updating the gathering on the digitisation of the trademark and patent registry, which was being pursued by the CAC in a bid to ensure synergy and eliminate amongst others 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 the 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 amongst others the journey so far, challenges and way forward for the agencies under the ministry’s purview.

Mr Adebayo, therefore, charged the agencies to ensure more commitment and dedication to service for the overall growth of the economy.

In her remark, the Minister of State for Industry, Trade and Investment, Ms Maryam Katagum, gave an update on the implementation of the Covid-19 Survival Fund which she described as a tough and challenging experience but said the programme was a huge success and was due for wind up soon.

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

Continue Reading
Click to comment

Leave a Reply


Akinwumi Adesina Turns Down Requests to Become Next Nigerian President



Akinwumi Adesina Sworn-In

By Adedapo Adesanya

The President of the Africa Development Bank (AfDB), Mr Akinwumi Adesina, has ruled himself out of the 2023 presidential race in Nigeria.

Mr Adesina made his position known in a statement on Tuesday after months of calls for him to join the contest after a group bought the presidential nomination form of the All Progressives Congress (APC) for him at the cost of N100 million.

In the statement, the banker emphasised that his current desire is to continue to hold the office of the president of the AfDB which he won reelection for last year.

However, he expressed appreciation for those who found him worthy of leading his country at this critical time it is undergoing different challenges ranging from economy, security and others.

“While I am deeply honoured, humbled and grateful for all the incredible goodwill, kindness, and confidence, my current responsibilities at this time do not allow me to accept to considered,” the statement read in part.

“I remain fully engaged and committed to the mission that Nigeria, Africa and all the non-African shareholders of the African Development Bank have given me for Africa’s development.

“I remain fully focused on the mission of supporting the accelerated development and economic integration of Africa,” Mr Adesina added.

Less than two weeks ago, a coalition of 28 groups purchased the N100 million APC presidential forms for the former Agriculture Minister.

The coalition consists of groups such as the Youth Arise Movement, Nigerians in Diaspora, One Nigeria Group, Prudent Youth Association of Nigeria, women groups, farmers, and other civil society groups.

Continue Reading


Sanwo-Olu Promises Justice for Sound Engineer David Imoh



David Imoh Sound Engineer

By Modupe Gbadeyanka

Governor Babajide Sanwo-Olu of Lagos State has promised to ensure that the late Sound Engineer killed by a mob in the Lekki area of the state last week gets justice.

The Governor gave this assurance through the Commissioner for Information and Strategy, Mr Gbenga Omotoso, in a statement issued on Monday night.

Last week, after boarding a commercial motorcycle, an argument ensued between Mr David Imoh and the okada rider over N100 and attracted other riders, who then lynched him.

There have been calls for justice for the deceased and in the statement today, the state governor said this would be done.

He condemned the mob attack and said the police are interrogating four suspects at the State Criminal Investigation Department (CID), Panti in connection with the incident, while two survivors of the act are in hospital.

According to Mr Sanwo-Olu, the government will address the root cause of this and similar incidents, which have caused public anxiety, appealing to residents to remain calm as police continue to investigate the matter.

“Lagos has no room for savagery and anybody found to have been involved in this barbarism will surely face the law.

“We condemn and will not condone any kind of jungle justice, no matter who the perpetrators are,” the statement stressed.

Continue Reading


N80bn Fraud: EFCC Arrests Accountant General of the Federation Ahmed Idris



ahmed idris

By Modupe Gbadeyanka

The Accountant General of the Federation (AGF), Mr Ahmed Idris, is cooling off in the custody of the Economic and Financial Crimes Commission (EFCC).

He is having talks with the agency, explaining what he knows about an alleged diversion of N80 billion belonging to the federal government.

He was picked up by operatives of the EFCC on Monday, May 16, 2022, after allegedly failing to honour invitations by the commission to respond to issues connected to the issue.

In a statement issued on Monday night, the anti-money laundering organisation claimed that Mr Idris, through verified intelligence, “raked off the funds through bogus consultancies and other illegal activities using proxies, family members and close associates.”

“The funds were laundered through real estate investments in Kano and Abuja,” another part of the statement disclosed.

The AGF has been in the news lately over an audit report, which indicted some ministries, departments and agencies (MDAs) of the federal government of fraud.

Continue Reading

Latest News on Business Post

Like Our Facebook Page

%d bloggers like this: