FG Approves Incorporation Of NNPC, Named Mele Kyari CEO, Appoints Board Members

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Mallam Mele Kyari, NNPC, Group Managing Director.

The President of Nigeria, Major General Muhammadu Buhari (retd.), has approved that the Nigerian National Petroleum Company (NNPC) Limited be incorporated.

He also approved the appointment of the Board and Management of the NNPC Limited with Senator Ifeanyi Ararume as Chairman.

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Mele Kyari, was appointed Chief Executive Officer.

This was contained in a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, saying that the president acted in accordance with the Petroleum Industry Act 2021.

The statement read, “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, Mallam 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.

“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).”

Business Echo Magazine gathered that Buhari had earlier orders NNPC Ltd’s incorporation, names Ararume board chairman.

President Buhari, who is also 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, disclosed 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).

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