PRESIDENT Buhari has given the approval for the incorporation of the Nigerian National Petroleum Company Limited.
Minister of State for Petroleum Resources, Timipre Sylva, had on August 18 said the NNPC will become a commercial company within six months.
President Buhari also approved the appointment of the Board and Management of the NNPC Limited, with Senator Ifeanyi Ararume as Chairman.
The Group Managing Director of the corporation, Mele Kyari, was appointed Chief Executive Officer.
In a statement by his Special Adviser on Media and Publicity, Femi Adesina, President Buhari was said to have acted 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).”
The newly apointed Chief Executive Officer, Kyari, had disclosed in August that plans were already in motion to transit the Nigerian National Petroleum Corporation to a new company in the next six months.
Kyari had explained that all liabilities, personnel and assets of the NNPC, within the six months period, will be transferred to the new company.
“Within 6 months you must incorporate the NNPC Nigeria limited by law, that means once you incorporate, there will automatically be process of transfer of assets, transfer of personnel and many others, the furthest that we can go while doing this is six months,” he added.
