President Buhari approves incorporation of NNPC, appoints board members

President Muhammadu Buhari has approved the appointment of Ifeanyi Ararume as Chairman of the Nigerian National Petroleum Company Limited’s Board of Directors and Management.

Mele Kolo Kyari and Umar I. Ajiya, were named Chief Executive Officer and Chief Financial Officer respectively.

According to Femi Adeshina, Special Adviser to the President on Media and Publicity, the President, in his “position as Minister of Petroleum Resources, has directed the establishment of the Nigerian National Petroleum Company Limited.”

The president also ordered the incorporation of NNPC Limited in line with the provision of the Petroleum Industry Act (PIA).

Adesina said the President appointed the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, as the Chief Executive Officer, adding that his principal acted in accordance with the Petroleum Industry Act 2021.

“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 statement explained.

According to the presidential spokesman, NNPC GMD has been directed to take the necessary steps to ensure that the incorporation of the oil company is consistent with the provisions of the PIA 2021.

Adesina explained that Senator Ifeanyi Ararume will serve as the Chairman of the Board, with Umar I. Ajiya being the Chief Financial Officer.

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).