Buhari Incorporates NNPC Limited, Appoints Ararume, Okadigbo, Kyari Into Board

President Muhammadu Buhari, in his capacity as Minister of Petroleum Resources, has directed the incorporation of the Nigerian National Petroleum Company Limited.

The presidential spokesman, Femi Adesina, who disclosed this in a statement on Sunday, said Buhari gave the directive to NNPC Group Managing Director of the NNPC, Mele Kyari.

According to him, “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.

[irp]

“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).”

KanyiDaily recalls that Mele Kyari had disclosed that NNPC will be transferred to the new company which would be incorporated under the Company Allied Matters Act (CAMA) to pay taxes and dividends to its shareholders.

[irp]