President Buhari directs incorporation of NNPC Limited, appoints board members

President Buhari has directed the incorporation of the Nigerian National Petroleum Company Limited.

The President gave the directive 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.

According to a statement published by the Special Adviser to the President on Media and Publicity, Femi Adesina, the presidency stated thus:

“The Group Managing Director of the NNPC, Mele Kyari, has, therefore, been directed to take necessary steps to ensure that the incorporation of the NNPC Limited is consistent with the provisions of the PIA 2021.

“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, with effect from the date of incorporation of the Company.”

The Chairman of the Board is Ifeanyi Ararume, while Mele Kyari and Umar Ajiya are Chief Executive Officer, and Chief Financial Officer respectively.

Other board members include Dr Tajudeen Umar (North-East), Lami Ahmed (North-Central), Mohammed Lawal (North-West), Margaret Okadigbo (South-East), Constance Marshal (South-South), and Pius Akinyelure (South-West).

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