President Muhammadu Buhari, in his capacity as the Minister of Petroleum Resources, has directed the incorporation of the Nigerian National Petroleum Company Limited.
This is in consonance with Section 53(1) of the Petroleum Industry Act 2021, which requires the Minister of Petroleum Resources to effect 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.
According to a statement by presidential spokesman, Femi Adesina, the Group Managing Director of the NNPC, Mele Kolo Kyari, has been directed 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,” the statement added.
According to the statement, the Chairman of the Board is Senator Ifeanyi Araraume, while Mele Kolo Kyari and Umar I. Ajiya are Chief Executive Officer and Chief Financial Officer respectively.
Other board members are: Dr. Tajudeen Umar (North East), Lami O. Ahmed (North Central), Mallam Mohammed Lawal (North West), Senator Margaret Chuba Okadigbo (South East), Constance Harry Marshal (South South) and Chief Pius Akinyelure (South West).
