President Muhammadu Buhari has ordered the incorporation of the Nigerian National Petroleum Corporation (NNPC). Buhari, who is also Minister of Petroleum Resources, said the decision is in consonance with Section 53(1) of the Petroleum Industry Act (PIA) 2021, which requires him to call for the incorporation of the state oil firm within six months of commencement of the law in consultation with the Minister of Finance on the nominal shares of the company.
Consequently, NNPC’s Group Managing Director (GMD), Mele Kolo Kyari, has, therefore, been directed to take necessary steps to ensure that the incorporation of the organisation is consistent with provisions of the PIA.
By virtue of Section 59(2) of the PIA, the President, in his dual capacity as the minister, also approved the appointment of the board and management of NNPC Limited, with effect from the date of its incorporation.
The board chairman is Senator Ifeanyi Ararume, while Mele Kolo Kyari and Umar I. Ajiya are…
Source: Guardian Newspaper