By Emeka Okafor
President Muhammadu Buhari on Sunday began the implementation of the recently signed Petroleum Industry Act (PIA) with the directive for the incorporation of the Nigerian National Petroleum Company (NNPC) Limited.
The President, however, appointed a chieftain of the All Progressives Congress (APC) and current Senator representing Imo North, Ifeanyi Ararume, as Chairman of the Board.
This was contained in a statement issued on Sunday by Buhari’s Adviser on Media and Publicity, Femi Adesina.
Buhari, according to Adesina, gave the directive in his capacity as Minister of Petroleum Resources.
The statement noted that the directive was in line with Section 53(1) of the Petroleum Industry Act 2021, which required 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.
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The Group Managing Director of NNPC, Mr Mele Kyari, the statement said, had been directed by the President to ensure that the incorporation of the NNPC Limited was consistent with the provisions of the PIA 2021.
He said Buhari had also approved the appointment of the Board and Management of the NNPC Limited, with effect from the date of incorporation of the Company by the power vested in him under Section 59(2) of the PIA 2021.
He named Senator Ifeanyi Ararume Chairman of the Board, while Kyari and Umar I. Ajiya had become 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), Barrister Constance Harry Marshal (South South), and Chief Pius Akinyelure (South West).
