Buhari directs immediate incorporation of NNPC Ltd

President Muhammadu Buhari, on Sunday, directed the incorporation of the Nigerian National Petroleum Company (NNPC) Limited as provided in the Petroleum Industry Act (PIA) 2021.

The President’s directive is in line with Section 53(1) of the PIA, which requires him as 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.

Buhari, therefore, directed Mele Kyari, the group managing director of the NNPC, to take necessary steps to ensure that the incorporation of the NNPC Limited is consistent with the provisions of the PIA 2021.

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Also, the President has appointed Ifeanyi Ararume, as NNPC board chairman while Mele Kyari and Umar I. Ajiya are chief executive officer, and chief financial officer, respectively.

The new PIA under Section 59(2) also gives the president the power to approve the appointment of the Board and Management of the NNPC Limited, with effect from the date of incorporation of the Company.

In a statement, Femi Adesina, Special Adviser to the President, on Media and Publicity said other Board Members are; Tajudeen Umar (North East); Lami O. Ahmed (North Central); Mohammed Lawal (North West); Margaret Chuba Okadigbo (South East); Constance Harry Marshal (South-South); and Pius Akinyelure (South West).

Onyinye Nwachukwu

Onyinye Nwachukwu is the Abuja Bureau Chief of BusinessDay, overseeing coverage across Abuja and Northern Nigeria. With more than two decades of experience in economic and financial journalism, she reports on business, policy, and market trends, linking local developments to the global economy. A fellow of the International Monetary Fund (IMF) and recipient of the P. Vishwanathan Memorial Award for Excellence in Financial Journalism, she is known for her insightful storytelling and interviews with senior policymakers, diplomats, and business leaders. Well traveled and globally minded, Onyinye brings depth and international perspective to her reporting.