President Muhammadu Buhari has directed the incorporation of the Nigerian National Petroleum Company Limited and approved the appointment of the board and management of the NNPC Limited, with Senator Ifeanyi Araruma as board chairman.
The President’s directive is said to be in consonance with Section 53(1) of the Petroleum Industry Act 2021, which mandates him to require the incorporation of the NNPC Limited within six months, in consultation with the Minister of Finance on the nominal shares of the Company.
The Group Managing Director of the NNPC, Mr Mele Kolo Kyari, was asked to take necessary steps to ensure that the incorporation of the NNPC Limited is consistent with the provisions of the PIA 2021.
While Senator Ararume is named as chairman of the NNPC board, Mele Kyari and Umar I. Ajiya are chief executive officer, and chief financial officer respectively.
Other board members named 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).
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