President Muhammadu Buhari has approved the appointment of the Board and Management of the Nigerian National Petroleum Company Limited with Senator Ifeanyi Ararume as Chairman. This is even as he directed that the Nigerian National Petroleum Company Limited be incorporated, the Special Adviser to the President on Media and Publicity, Femi Adesina, announced via a statement on Sunday.
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 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.