BREAKING: Buhari orders the NNPC to be incorporated and appoints a board of directors

In his capacity as Minister of Petroleum Resources, Nigerian President Muhammadu Buhari has directed the formation of the Nigerian National Petroleum Company Limited.

This is in accordance with Section 53(1) of the Petroleum Industry Act 2021, which requires the Minister of Petroleum Resources to cause the incorporation of the NNPC Limited on the nominal shares of the Company within six months of the Act’s commencement, in consultation with the Minister of Finance.

Mr Mele Kolo Kyari, the NNPC’s Group Managing Director, has been directed to take the necessary steps to ensure that the NNPC Limited’s incorporation complies with the PIA 2021’s provisions. President Buhari has also approved the appointment of the Board and Management of the NNPC Limited, with effect from the date of the Company’s incorporation, using the power vested in him under Section 59(2) of the PIA 2021.

Read Also:  Gunmen attack the ECWA Church in Kogi, killing one and kidnapping two others

Senator Ifeanyi Ararume serves as Chairman of the Board, with Mele Kolo Kyari and Umar I. Ajiya serving as Chief Executive Officer and Chief Financial Officer, 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 are among the other members of the Board (South West).