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.
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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.
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).
