President Muhammadu Buhari, in his capacity as Minister of Petroleum Resources, has directed the incorporation of the Nigerian National Petroleum Company Limited.
According to a statement released by Femi Adesina, Special Adviser to the President
(Media and Publicity) on Sunday, his action is in consonance with Section 53(1) of the Petroleum Industry Act 2021, which requires the Minister of Petroleum Resources to cause for the incorporation of the NNPC Limited within six months of commencement of the Act in consultation with the Minister of Finance on the nominal shares of the Company.
The president has, therefore, directed the Group Managing Director of the NNPC, Mr Mele Kyari, to take necessary steps to ensure that the incorporation of the NNPC Limited is consistent with the provisions of the PIA 2021.
Also, by the power vested in him under Section 59(2) of the PIA 2021, President Buhari has approved the appointment of the Board and Management of the NNPC Limited, with effect from the date of incorporation of the Company with the Chairman of the Board as Senator Ifeanyi Ararume, while Mele Kyari and Umar I. Ajiya are Chief Executive Officer, and Chief Financial Officer, respectively.
Other Board Members are; Dr Tajudeen Umar (North East), Mrs Lami O. Ahmed (North Central), Mallam Mohammed Lawal (North West), Senator Margaret Chuba Okadigbo (South East), Barrister Constance Harry Marshal (South-South), and Chief Pius Akinyelure (South West).
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