Business InsightOil & Gas
President Buhari issues directive to commence incorporation of NNPC Ltd
Appoints board led by Senator Ifeanyi Araraume as chairman and Mele Kyari as CEO
President Muhammadu Buhari has directed the Nigerian National Petroleum Corporation (NNPC) to commence the process of its incorporation into a private entity called the Nigerian National Petroleum Company Limited.
In addition, the president announced a nine-member board to oversee the privatized entity.
The Special Adviser to the President on Media and Publicity, Femi Adesina, broke the news on Sunday, noting that Buhari is acting in line with his capacity as substantive Minister of Petroleum Resources.
The directive, he said, is also 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 the statement, the Group Managing Director of the NNPC, Mr. Mele Kolo Kyari, has 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 statement added.
The chairman of the board is Senator Ifeanyi Araraume, while Mele Kolo Kyari and Umar I. Ajiya are 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).
