The President of Nigeria Muhammadu Buhari, in his capacity as Minister of Petroleum Resources, has directed the incorporation of the Nigerian National Petroleum Company Limited.
Femi Adesina, the Special Adviser to the President released a statement on Sunday, which reads:
“This 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.”
Mr Mele Kolo Kyari the Group Managing Director of the NNPC, 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.
President Buhari, by the power vested in him under Section 59(2) of the PIA 2021, has approved the appointment of the Board and Management of the NNPC Limited, with effect from the date of incorporation of the Company.
Chairman of the Board is Senator Ifeanyi Ararume, while Mele Kolo Kyari and Umar I. Ajiya are Chief Executive Officer, and Chief Financial Officer, respectively. Other Board Members are;Chief Pius Akinyelure (South West), Dr Tajudeen Umar (North East), Mallam Mohammed Lawal (North West), Senator Margaret Chuba Okadigbo (South East), Barrister Constance Harry Marshal (South South), and Mrs Lami O. Ahmed (North Central).