PIA: Buhari Orders Incorporation Of NNPC Ltd, Appoints Board

PRESIDENT Muhammadu Buhari, has ordered incorporation of Nigerian National Petroleum Company Limited in order to be legally recognized in the Petroleum Industry Act recently signed into law.

According to a statement by Special Adviser to the President on Media and Publicity, Femi Adesina, the directive was in line with provisions of Section 53(1) of the Petroleum Industry Act (PIA) 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 added that Buhari in his capacity as Minister of Petroleum Resources, has consequently directed the Group Managing Director, NNPC, Mr Mele Kolo Kyari to take necessary steps to ensure successful incorporation of the national oil company in line with provisions of PIA 2021.

Adesina further stated that Buhari has also approved appointment of the Board and Management of the NNPC Limited, with effect from the date of incorporation of the Company as stipulated in Section 59(2) of the PIA 2021, which gives the President authority to appoint members of the board.

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