Senator Ifeanyi Ararume has been appointed as the chairman of the board of the Nigerian National Petroleum Company (NNPC) after President Buhari-led federal government directed the incorporation of the organisation.
The incorporation of the NNPC is in line with section 53(1) of the Petroleum Industry Act 2021, which requires the minister of petroleum resources to cause for the incorporation of the company in six months of commencement of the PIA.
Mele Kolo Kyari, the group managing director of the NNPC is the chief executive officer of the board while Umar I. Ajiya was appointed as its chief financial officer, Premium Times reports.
Other members of the board are given below:
1. Tajudeen Umar
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2. Lami O. Ahmed
3. Mallam Mohammed Lawal
4. Senator Margaret Chuba Okadigbo
5. Barrister Constance Harry Marshal
6. Chief Pius Akinyelure
A statement by Presidential Media Aide Femi Adesina on the president's directive reads in part:
"President Muhammadu Buhari, in his capacity as Minister of Petroleum Resources, has directed the incorporation of the Nigerian National Petroleum Company Limited.
"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."
FG announces plan to scrap NNPC within 6 months, gives reason for decision
Meanwhile, the federal government was intended to scrap the Nigerian National Petroleum Corporation.
Kyari on Monday, August 16, said that the Nigerian-owned oil company would cease to exist within the next six months.
He said a new company that would be known as a CAMA Company will be incorporated and operate under the Company Allied Matters.
He explained that by virtue of the PIA, all liabilities and assets of the NNPC will be transferred to the new company.
Source: Legit Newspaper