President Muhammadu Buhari has ordered that the Nigerian National Petroleum Company, or NNPC, be turned into a corporation.
Mele Kyari, the NNPC Group Managing Director, received the order from Buhari.
In a statement made on Sunday, his spokesman, Femi Adesina, revealed the president’s directive.
Buhari’s move was justified by applicable constitutional requirements, according to the presidential spokesman.
According to Adesina, the president’s directive was “in accordance with Section 53(1) of the Petroleum Industry Act 2021, which requires the Minister of Petroleum Resources to cause the incorporation of the NNPC Limited on the nominal shares of the Company within six months of the Act’s commencement in consultation with the Minister of Finance.”
“The NNPC’s Group Managing Director, Mr Mele Kolo Kyari, has been asked to take the required procedures to ensure that the NNPC Limited’s incorporation complies with the terms 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.”
The statement also disclosed that the president reserved the position of the Minister of Petroleum Resources to himself.
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The president also appointed board members of NNPC, among whom are Senator Ifeanyi Ararume, and Kyari.
Buhari appointed Senator Ifeanyi Ararume as the Chairman of the Board, Mele Kolo Kyari as Chief Executive Officer and Umar Ajiya Chief Financial Officer.
Others Buhari appointed include; “Tajudeen Umar (North East), Lami Ahmed (North Central), Mohammed Lawal (North West), Margaret Chuba Okadigbo from South East, Constance Harry Marshal also from the South South, and Pius Akinyelure (South West),” the statement said.