The Nigerian National Petroleum Company Limited is to be incorporated into a public entity, President Muhammadu Buhari gave ths directive on Sunday.
The directive to the Group Managing Director of the NNPC, Mele Kolo Kyari, was pursuant to Section 53(1) of the Petroleum Industry Act (PIA) 2021, which requires the Minister of Petroleum Resources to cause the NNPC Limited to be incorporated within six months of the commencement of the Act.
The incorporation of the company, the PIA said, should be carried out in consultation with the Minister of Finance to determine the nominal shares of the company.
Special Adviser to the President
(Media and Publicity), Femi Adesina, said the Group Managing Director of the NNPC has been directed to take necessary steps to ensure the incorporation of the NNPC Limited was consistent with the provisions of the PIA 2021.
Also, by the power vested in him in his capacity as the Minister of Petroleum Resources under Section 59(2) of the PIA 2021, Adesina said President Buhari has approved the appointment of the Board and Management of the NNPC Limited.
The Board is expected to start work with effect from the date of the incorporation of the company.
The President approved the Chairman of the Board ro be Ifeanyi Ararume, with Mele Kolo Kyari as the Chief Executive Officer, and Umar I. Ajiya as the Chief Financial Officer, respectively.
Other Board Members of the Board included Tajudeen Umar, representing the North East geopolitical zone; Lami O. Ahmed (North Central), Mohammed Lawal (North West), Margaret Chuba Okadigbo (South East), Constance Harry Marshal (South South), and Pius Akinyelure (South West).
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