President Buhari approves registration of NNPC Nig. Ltd, constitutes board, management

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President Buhari approves registration of NNPC Nig. Ltd, constitutes board, management

President Muhammadu Buhari has approved the registration of the Nigerian National Petroleum Corporation (NNPC) as a limited liability company and approved the constitution of a board chairman and management for the .corporation.

This is contained in a statement in Abuja on Sunday by the Special Adviser to the President (Media and Publicity), Femi Adesina.

According to the statement, the decision of the president, who is also the Minister for Petroleum Resources, is pursuant to the implementation of the Petroleum Industry Act (PIA).

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The PIA recommended and provided for the unbundlding of the NNPC from a government corporation to a public liability company.

The NNPC chief executive, Mele Kyari had in August announced that the new status of the body would commence in February 2022.

The statement said,”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.”

It added that the Group Managing Director of the NNPC, Mr Mele Kyari, had been directed to take necessary steps to ensure that the incorporation of the NNPC Limited was consistent with the provisions of the PIA 2021.

Adesina further said that President Buhari has also approved the appointment of the Board and Management of the NNPC Limited, with effect from the date of incorporation of the company.

While Sen. Ifeanyi Ararume is to serve as Chairman of the Board, Mele Kyari and Umar Ajiya were appointed as 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), the statement added.

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