The Minister for Petroleum Resources who doubles as Nigeria president, Muhammadu Buhari has directed that the Nigerian National Petroleum Company Limited, be incorporated. The directive is pursuant to the implementation of the Petroleum Industry Act (PIA)that recommended and provided for the unbundlding of the NNPC from a government corporation to a public liability company
The NNPC chief executive, Mele Kyari had in August announced that the new status of the body would commence in February 2022.
The development was made public through a statement on Sunday by Special Adviser to the President (Media and Publicity), Femi Adesina.
“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,” the statement said.
The statement said 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.
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 as Chairman of the Board while Mele 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).