Buhari approves NNPC incorporation, appoints Ararume as board chairman

President Muhammadu Buhari has approved the incorporation of the Nigerian National Petroleum Company (NNPC).

The Special Adviser on Media and Publicity to the President, Femi Adesina, who disclosed this in a statement on Sunday, said Buhari also approved the appointment of Senator Ifeanyi Ararume as Chairman of Board and Management of the NNPC Limited.

The NNPC Group Managing Director, Mele Kyari, was appointed the company’s Chief Executive Officer while Umar I. Ajiya will serve as the Chief Financial Officer.

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The President, according to the statement was in compliance with the Petroleum Industry Act 2021.

The statement read: “President Muhammadu Buhari, in his capacity as Minister of Petroleum Resources, has directed the incorporation of the Nigerian National Petroleum Company Limited.

“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 Group Managing Director of the NNPC, Mr Mele Kolo Kyari, has, therefore, been directed to take necessary steps to ensure that the incorporation of the NNPC Limited is consistent with the provisions 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.

“Chairman of the Board is Senator Ifeanyi Ararume, while Mele Kolo Kyari and Umar I. Ajiya are Chief Executive Officer and Chief Financial Officer respectively.

“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), Barr. Constance Harry Marshal (South-South), and Chief Pius Akinyelure (South-West).”

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