Energy

President Buhari directs incorporation of NNPC Ltd and appoints its board

The Petroleum Industry Bill was signed into law on August 16th, 2021.

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Before his departure to New York for the U.N. General Assembly on Sunday, President Muhammadu Buhari, in his capacity as Minister of Petroleum Resources, has directed the incorporation of the Nigerian National Petroleum Company (NNPC) Limited.

This is in consonance with Section 53(1) of Nigeria’s newly signed 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.

As a result, NNPC’s current Group Managing Director, Mele Kolo Kyari, has been directed to take necessary steps to ensure that the incorporation of the NNPC Limited is consistent with the provisions of the PIA 2021.

Under the power granted by Section 59(2) of the PIA 2021, President Buhari has also approved the appointment of the Board and Management of the NNPC Limited, with effect from the date of incorporation of the company.

The Chairman of the Board will be Senator Ifeanyi Ararume, while Mele Kolo Kyari will be Chief Executive Officer (CEO) and Umar I. Ajiya will be Chief Financial Officer (CFO).

Other Board Members appointed over the weekend 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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