President Muhammadu Buhari who doubles as Minister of Petroleum Resources has approved the appointment of the Board and Management of the Nigerian National Petroleum Company Limited with Senator Ifeanyi Ararume as Chairman.
Special Adviser to the President on Media and Publicity, Femi Adesina, who announced this in a statement on Sunday, said the President has also directed that the Nigerian National Petroleum Company Limited, be incorporated and appointed the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, as the Chief Executive Officer.
The Petroleum Industry Act (PIA) provided for the unbundlding of the NNPC from a government corporation to a public liability company.
According to Adesina, the President acted in accordance with the PIA 2021.
He said the GMD has been directed to take necessary steps to ensure that the incorporation of the oil company is consistent with the provisions of the PIA 2021.
“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 statement added.
Other members of the board are: Umar .J. Ajiya (Chief Financial Officer), 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).