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Petroleum Industry Act: Pres. orders incorporation of Nigerian National Petroleum Company Ltd

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In furtherance to the implementation of the Petroleum Industry Act 2021, President Muhammadu Buhari, has directed the incorporation of the Nigerian National Petroleum Company Ltd.

Buhari in his capacity as Minister of Petroleum Resources is acting 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.

Similarly, the president has also directed the Group Managing Director of NNPC, Mr Mele Kolo Kyari, to take necessary steps to ensure that the incorporation of the NNPC Ltd is consistent with the provisions of the PIA 2021.

The President made the announcement on Sunday in a statement by Mr Femi Adesina, the Special Adviser on Media and Publicity, and made available to Persecondnews.

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.

Senator Ifeanyi Ararume is the
Chairman of the Board 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).

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