NNPC Weekly Review: FG Approves Incorporation Of NNPC Ltd

Posted by African Examiner Featured, Latest Headlines, News Across Nigeria Sunday, September 26th, 2021

(AFRICAN EXAMINER) – President Muhammadu Buhari has approved the incorporation of the Nigerian National Petroleum Company Limited.

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 the enactment of the Petroleum Industry Act (PIA) in consultation with the Minister of Finance on the nominal shares of the Company, The president also approved appointment of a Board of Directors and Management for the NNPC Limited and directed the Group Managing Director of the NNPC, Malam Mele Kyari, to take necessary steps to ensure the incorporation of the NNPC Limited in consonance with the provisions of the PIA 2021.

He named the Chairman of the Board of NNPC as Sen. Ifeanyi Ararume, while Kyari and Umar Ajiya were appointed as the Chief Executive Officer and Chief Financial Officer respectively.

Other Board Members appointed by the President are Dr Tajudeen Umar (North East), Mrs Lami O. Ahmed (North Central), Malam Mohammed Lawal (North West), Sen. Margaret Chuba Okadigbo (South East), Barrister Constance Harry Marshal (South South), and Chief Pius Akinyelure (South West).