In his capacity as Minister of Petroleum Resources, President Muhammadu Buhari directed the formation of the NNPC LTD and the appointment of Ararume as Chairman of the Board.
Femi Adesina, the Presidential Spokesman, stated in a statement that this was in accordance with Section 53(1) of the Petroleum Industry Act 2021.
According to Adesina, the PIA 2021 requires the Minister of Petroleum Resources to cause the NNPC Limited to be incorporated within six months of the Act’s start, in collaboration with the Minister of Finance, on the Company’s nominal shares.
The Group Managing Director of the NNPC, Mele 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.
The Presidential Spokesman also noted that by the power vested in the President under Section 59(2) of the PIA 2021, Buhari has approved the appointment of other Board and Management of the NNPC Limited, with effect from the date of incorporation of the Company.
Mele Kyari and Umar Ajiya have been appointed as the Chief Executive Officer, and Chief Financial Officer, respectively.
Other Board Members include Dr Tajudeen Umar (North East), Lami O. Ahmed (North Central), Mohammed Lawal (North West), Senator Margaret Chuba Okadigbo (South East), Constance Harry Marshal (South-South), and Pius Akinyelure (South West).