Ifeanyi Araraume appointed board chair as Buhari directs incorporation of NNPC Limited

President Muhammadu Buhari has directed the incorporation of Nigerian National Petroleum Company (NNPC) Limited and appointed the board and management of the new company.

Femi Adesina, special adviser to the president on media and publicity, announced this in a statement on Sunday.

In August, Mele Kyari, group managing director of NNPC, had said the national oil firm would cease to exist within the next six months as specified by the Petroleum Industry Act (PIA). 

Kyari said that NNPC would be transformed into a private company and would be incorporated under the Company Allied Matters Act (CAMA).

The incorporation of NNPC Limited will run as a commercial entity while the federation will still own all shares.

The statement added that the president appointed Ifeanyi Araraume as the chairman of the board of the yet-to-be incorporated NNPC Limited, while Mele Kyari and Umar I. Ajiya will serve as chief executive officer and chief financial officer, respectively.

Other members of the board include Tajudeen Umar (north-east), Lami O. Ahmed (north-central), Mohammed Lawal (north-west), Margaret Chuba Okadigbo (south-east), Constance Harry Marshal (south-south), and Chief Pius Akinyelure (south-west).

“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 reads.

“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.

“Chairman of the Board is Senator Ifeanyi Araraume, 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), Barrister Constance Harry Marshal (south-south), and Chief Pius Akinyelure (south-west).”

TheCable had reported that the timeline for the incorporation of NNPC Limited is a two-year plan.