President Muhammadu Buhari has directed that the Nigerian National Petroleum Company Limited (NNPC Limited) be incorporated and also approved the appointment of the board and management of the new company.
In a statement issued by Femi Adesina, his Special Adviser on Media and Publicity on Sunday, President Buhari approved the appointment of Ifeanyi Ararume, a former senator, as Chairman of NNPC Limited.
Mele Kyari, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC); and Umar I. Ajiya will serve as the new company’s Chief Executive Officer and Chief Financial Officer respectively.
According to the Presidency, the appointments are in accordance with the Petroleum Industry Act, 2021.
The statement read: “President Muhammadu Buhari, in his capacity as Minister of Petroleum Resources, has directed the incorporation of the Nigerian National Petroleum Company Limited.
“This is 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.
“The Group Managing Director of the NNPC, Mr Mele Kolo 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.
“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.
“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).”
Kyari had in August said the NNPC would cease to exist within the next six months as specified by the PIA.
He explained that the NNPC would be transformed into a private company and would be incorporated under the Company Allied Matters Act (CAMA).
NNPC Limited will run as a commercial entity although the federation will still own all shares.