President Muhammadu Buhari has directed the incorporation of the Nigerian National Petroleum Company (NNPC) Limited.
In a statement issued on Sunday, Presidential spokesman, Femi Adesina, said the President gave the directive in his capacity as Minister of Petroleum Resources.
Adesina said this was in consonance with Section 53(1) of the Petroleum Industry Act 2021, which required 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.
He said the Group Managing Director of the NNPC, Mr Mele Kolo Kyari, had, therefore, been directed to take necessary steps to ensure that the incorporation of the NNPC Limited was consistent with the provisions of the PIA 2021.
He said Buhari had also approved the appointment of the Board and Management of the NNPC Limited, with effect from the date of incorporation of the Company by the power vested in him under Section 59(2) of the PIA 2021.
He named Senator Ifeanyi Ararume Chairman of the Board, while Kyari and Umar I. Ajiya had become 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).
