President Muhammadu Buhari has authorized the incorporation of the Nigerian National Petroleum Company Limited.
If you must know, Buhari doubles as petroleum minister.
According to a statement by his Special Adviser on Media and Publicity, Femi Adesina, the move was in accordance with Section 53(1) of the Petroleum Industry Act 2021, which requires the Minister to cause the incorporation of the NNPC Limited within six months of the Act’s commencement.
The present Nigeria National Petroleum Corporation (NNPC) will be reformed, and incorporated as the Nigerian National Petroleum Company Limited (NNPC Limited) to assume a commercial status, according to the recently passed Petroleum Industry Bill.
The announcement stated that this was done in cooperation with the Minister of Finance about the Company’s nominal shares.
Mele Kyari, Group Managing Director of the NNPC, has been asked to ensure that the incorporation complies with the provisions of the PIA 2021.
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Composition of the Board
President Buhari has also approved the appointment of the NNPC Limited’s Board of Directors and Management, effective from the Company’s incorporation date.
Senator Ifeanyi Ararume chairs the board, while Mele Kolo Kyari and Umar I. Ajiya will serve as CEO and CFO, respectively.
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 South) are the other members of the Board (South West).