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President Muhammadu Buhari has directed the incorporation of the Nigerian National Petroleum Company Limited.
Buhari, who doubles as the Minister of Petroleum Resources, gave the directive 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.
Special Adviser to the President on Media and Publicity, Femi Adesina, revealed this in a statement titled, ‘President Buhari directs incorporation of NNPC Ltd., appoints board’.
The statement said, “The Group Managing Director of the NNPC, Mele 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.
“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.”
Chairing the Board is Ifeanyi Ararume, while Mele Kyari and Umar Ajiya are Chief Executive Officer, and Chief Financial Officer respectively.
Other board members include Dr Tajudeen Umar (North-East), Lami Ahmed (North-Central), Mohammed Lawal (North-West), Margaret Okadigbo (South-East), Constance Marshal (South-South), and Pius Akinyelure (South-West).
Former President Olusegun Obasanjo has faulted the federal government’s plan to borrow fresh external loans. He said the FG was accumulating debts for the next generation, describing it as “criminal.” […]
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