President Muhammadu Buhari has directed the incorporation of Nigerian National Petroleum Company (NNPC) Limited and appointed the board and management of the new company.
Special Adviser to the President on Media and Publicity, Femi Adesina, made the announcement in a statement on Sunday.
In August, the Group Managing Director of NNPC, Mele Kyari, had said the state-owned oil firm would cease to exist within the next six months as specified by the Petroleum Industry Act (PIA).
Kyari said that NNPC would be transformed into a private company and would be incorporated under the Company Allied Matters Act (CAMA).
The incorporation of NNPC Limited will run as a commercial entity while the federation will still own all shares.
According to the statement, President Bihari appointed Ifeanyi Ararume as the chairman of the board, while Mele Kyari and Umar I. Ajiya will serve as Chief Executive Officer and Chief Financial Officer, respectively.
Other members of the board include Tajudeen Umar (North East); Lami O. Ahmed (North Central); Mohammed Lawal (North West); Margaret Chuba-Okadigbo (South East); Constance Harry-Marshal (South South); and Chief Pius Akinyelure (South West).
“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,” the statement said.