A board headed by Senator Ifeanyi Araraume has been appointed for the soon-to-be incorporated Nigerian National Petroleum Company (NNPC) Limited by President Muhammadu Buhari.
Group Managing Director of the NNPC Mele Kyari will be the chief executive officer of the NNPC Limited.
The President has ordered the commencement of the process for NNPC’s incorporation within six months. Umar Ajiya will serve as chief financial officer of the new company.
Members of the board are Tajudeen Umar (Northeast), Lami Ahmed (Northcentral), Mohammed Lawal (Northwest), Margaret Chuba Okadigbo (Southeast), Mrs. Constance Harry Marshal (Southsouth), and Pius Akinyelure (Southwest).
The announcement of the board members and the President’s nod for the registration of the new company signals the beginning of the implementation of the Petroleum Industry Act (PIA).
Buhari, while signing the bill that gave birth to the PIA in August gave the nine-man steering committee headed by the Minister of State for Petroleum Timipre Sylva. 12 months to complete its assignment.
The President said: “We are all aware that past administrations have identified the need to further align the industry for global competitiveness, but there was lack of political will to actualise this needed transformation.”
Special Adviser on Media and Publicity to the President, Femi Adesina, explained in a statement yesterday that the appointments and directive were in tandem with Section 53(1) of the PIA.
The section requires the Minister of Petroleum Resources to call 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 President holds the position of Petroleum Resources minister.
The statement reads: “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.
“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.”