In line with the provisions of the Petroleum Industry Act (PIA) 2021, President Muhammadu Buhari, has directed the incorporation of Nigerian National Petroleum Company (NNPC), as a limited liability company.
Ahead of the incorporation, the President also appointed a nine-man team for the Company’s Board of Directors.
To this end, the President directed the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mele Kolo Kyari, to take necessary steps to ensure that the incorporation of the NNPC Limited
These were contained in a statement, yesterday (Sunday) by the Special Adviser to the President, (Media and Publicity), Femi Adesina, who explained that Buhari took the decision in his capacity as Minister of Petroleum Resources.
The statement reads: The statement read, “President Muhammadu Buhari, in his capacity as Minister of Petroleum Resources, has directed the incorporation of the Nigerian National Petroleum Company Limited.
“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.
“Also, by the power vested in him under Section 59(2) of the PIA 2021, President Buhari has approved the appointment of the Board and Management of the NNPC Limited, effective from the date of incorporation of the Company.
“Chairman of the Board is Senator Ifeanyi Ararume, while Mele Kolo Kyari, and Umar I. Ajiya are the 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).”
The PIA provides for the observance of the Principles of Federal Character in NNPC Board Appointment.
The President will appoint a board for the NNPC Limited. The Board composition includes a chief executive officer, chief financial officer, and representatives from the Ministry of Finance and Petroleum.
The board will also have six non-executive members with at least 15 years post-qualification experience in the petroleum or relevant sector from each geopolitical zone.
Also, by the power vested in him under Section 59(2) of the PIA 2021, President Buhari has approved the appointment of the Board and Management of the NNPC Limited, effective from the date of incorporation of the Company.