Buhari Directs Incorporation of NNPC, Appoints Board of Directors
President Muhammadu Buhari has directed the incorporation of the Nigerian National Petroleum Company (NNPC) Limited, a development that followed his assent on the petroleum industry act, 2021.
Malam Garba Shehu, the President’s Spokesman who confirmed this in a statement on Sunday in Abuja. He said the Nigerian president gave the directive in his capacity as the Minister of Petroleum Resources.
According to him, this is in consonance with Section 53(1) of the Petroleum Industry Act 2021.
He explained that the act requires the Minister of Petroleum Resources to call for the incorporation of the NNPC Limited within six months of the 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,” he said.
Shehu disclosed that President Buhari also approved the appointment of the board and management of the NNPC Limited, with effect from the date of the incorporation of the company.
He said President Buhari’s action was in line with the power vested in him under Section 59(2) of the PIA 2021.
According to the presidential aide, Senator Ifeanyi Ararume will serve as the Chairman of the board, while Mele Kolo Kyari and Umar I. Ajiya are Chief Executive Officer, and Chief Financial Officer, respectively.
Other board members are Dr Tajudeen Umar from North- East, Mrs Lami O. Ahmed from North-Central, Mallam Mohammed Lawal from North-West, Sen. Margaret Chuba- Okadigbo from South-East, Barrister Constance Harry Marshal from South-South and Chief Pius Akinyelure from South-West.
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Buhari Directs Incorporation of NNPC, Appoints Board of Directors
