Buhari authorises incorporation of NNPC as limited liability coy.

Appoints Board members
…Sen. Ararume heads Board

President Muhammadu Buhari authorises the incorporation of the Nigerian National Petroleum Company Limited.

According to an issued statement by his Special Adviser on Media and Publicity, Femi Adesina, the move was in accordance with Section 53(1) of the Petroleum Industry Act 2021, which requires the Minister to cause the incorporation of the NNPC Limited within six months of the Act’s commencement.

The announcement stated that this was done in cooperation with the Minister of Finance about the Company’s nominal shares.

The Group Managing Director of the NNPC, Mele Kolo Kyari, has been asked to ensure that the incorporation complies with the provisions of the PIA 2021.

President Buhari, who doubles as petroleum minister, has also approved the appointment of the NNPC Limited’s Board of Directors and Management, effective from the Company’s incorporation date.

Senator Ifeanyi Ararume chairs the board, while Mele Kolo Kyari and Umar I. Ajiya will serve as CEO and CFO, respectively.

Other Board members are; Dr. Tajudeen Umar (North-East), Mrs. Lami O. Ahmed (North-Central), Mohammed Lawal (North-West), Senator Margaret Chuba Okadigbo (South-East), Barrister Constance Harry Marshal (South-South), and Chief Pius Akinyelure (South-West).

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