NICIL was created under the stewardship of Mr. Carl Greenidge, Minister of Finance in July 1990. It was registered under the 1989 Companies Act in July 1990.
The reference to NICIL being registered as a private company is per the same documents filed to register NICIL in 1990, by persons working for Mr. Grennidge:
As the following shows, the ability of the company to declare dividends is at the discretion of the Board of Directors, as in paragraphs 87, 88, 89 and 90 of the July 1990 Articles of Association.

Paragraph 87 specifically provides the following:
“…No larger dividend shall be declared that is declared by the Directors…”

The above confirms that the statements of government officials, including Winston Brassington, are guided by the same documents that created NICIL under Mr. Carl Greenidge watch.
Mr. Greenidge remarks in the Kaieteur News of May 16 2012, suggest that he is not familiar with the documents that were filed under his watch.
Notwithstanding the above, the current directors of NICIL fully recognize that the following are facts:
1. NICIL is 100 % owned by government
2. NICIL directors are appointed by its shareholder;
a. If the government, as shareholder is not happy with its directors, it may change said directors.
b. However, the directors, in the exercise of their fiduciary responsibility, have to be guided by the Articles of Continuance and the rules of the company
3. Between 1994 and 2001, NICIL paid over to the Treasury, as dividends, over G$2.3B
4. Between 2002 and 2011, NICIL paid over to the Treasury, as dividends, over G$9 B

The directors of NICIL operate NICIL as a government company, with the sole shareholder being government; however, its actions are guided by the 1991 Companies Act and the Articles of Association and the Articles of Continuance for the said NICIL, filed to continue the company under the new Companies Act of 1991 (which came into force on May 25, 1995).
Mr. Greenidge caused NICIL to be created and registered as a private company. NICIL powers are very broad as defined in its founding documents. NICIL is a Carl Greenidge creation. In accordance with the Article of Association filed in July 1990, the directors are responsible for setting the level of dividend, which cannot be exceeded by the amount recommended by the directors.
The Government of Guyana has operated NICIL as a state-owned entity that is controlled by the shareholder, provided its directors ensure that its actions are consistent with the rules of the company.
NICIL has paid over G$11.3B to the Treasury since 1994. Additionally, over G$12 B has been paid over to the Treasury since 1994, as privatisation revenues.
(Issued by NICIL May 16, 2011”