In his capacity as the Minister of Petroleum Resources, President Muhammadu Buhari has ordered the incorporation of the Nigerian National Petroleum Company Limited, in a bid to prepare the Federal Government for the Petroleum Industry Act. The President also approved the board of the new company.
This was disclosed in a statement by Garba Shehu, the President’s Spokesman on Sunday in Abuja, according to the News Agency of Nigeria.
The Presidency said the move is in line with Section 53(1) of the Petroleum Industry Act 2021, which requires the Minister of Petroleum Resources to call for the incorporation of the NNPC Limited within six months of the commencement of the Act.
What the Presidency said
The President said, “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.”
The President also added that it has approved the appointment of the board and management of the NNPC Limited, with effect from the date of the incorporation of the company, in line with Section 59(2) of the PIA 2021.
Sen. Ifeanyi Ararume will serve as 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), Sen. Margaret Chuba- Okadigbo (South-East), Barrister Constance Harry Marshal (South-South) and Chief Pius Akinyelure.
What you should know
Recall Nairametrics reported last month that President Muhammadu Buhari approved the committee to immediately commence the implementation of the newly passed Petroleum Industry Act (PIA).
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The steering committee which will drive the implementation process is to be headed by the Minister of State for Petroleum Resources, Timipre Sylva and will have a duration of 12 months for the completion of the assignment.