BREAKING: President Buhari Orders Incorporation Of NNPC, Appoints Board

President Muhammadu Buhari has directed the incorporation of the Nigerian National Petroleum Company Limited, the State House has announced.

In a statement on Sunday issued by Special Adviser to the President (Media and Publicity), Femi Adesina, he said the president gave the order in his capacity as Minister of Petroleum.

He said: “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.”

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The statement added that the Group Managing Director of the NNPC, Mr Mele Kolo Kyari, had 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 has also approved the appointment of the Board and Management of the NNPC Limited, with effect from the date of incorporation of the company.

The President named Senator Ifeanyi Ararume aa Chairman of the Board while Mele Kolo Kyari and Umar I. Ajiya were appointed as 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).