President Muhammadu Buhari has given approval for the incorporation of the Nigerian National Petroleum Company (NNPC).
The development is in line with the recently signed Petroleum Industry Act (PIA).
A statement on Sunday by Buhari’s Special Adviser on Media and Publicity, Mr Femi Adesina said the President in his capacity as the Minister of Petroleum Resources, acted in accordance with the provisions of Section 53(1) of the Petroleum Industry Act 2021.
Apart from the incorporation of the NNPC, President Buhari also approved the appointment of the Board and Management of the NNPC Limited.
The statement by Adesina revealed that Senator Ifeanyi Ararume was appointed as Chairman and the Group Managing-Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, as Chief Executive Officer.
Each of the six geo-political zones in the country also has a representative on the board.
All the appointments take effect from the date of the company’s incorporation.
“President Muhammadu Buhari, in his capacity as 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 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 Group Managing Director of the NNPC, Mr Mele Kolo Kyari, has, therefore, 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.
“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; 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),” the statement reads.