The Nigerian National Petroleum Company (NNPC) Limited has been established by President Muhammadu Buhari.
Buhari also serves as Minister of Petroleum Resources, a position he has held since taking power in 2015.
On Sunday, his Special Adviser on Media and Publicity, Femi Adesina, issued a statement announcing the news.
Buhari’s action is in “consonance 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 within six months of the Act’s commencement in consultation with the Minister of Finance on the nominal shares of the Company,” according to the statement.
“The NNPC’s Group Managing Director, Mr Mele Kolo Kyari, has been directed to take the necessary steps to ensure that the NNPC Limited’s incorporation complies with the provisions of the PIA 2021.
President Buhari has also approved the appointment of the Board and Management of the NNPC Limited, with effect from the date of the Company’s incorporation, using the power vested in him under Section 59(2) of the PIA 2021.
“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), Barrister Constance Harry Marshal (South-South), and Chief Pius Akinyelure (South West),” the statement further read.
According to UpCounsel, when a business decides to form a corporate structure or company, the process is called incorporation. Corporations, by definition, are completely separate entities from their owners. This separation is called the corporate veil, and it offers a level of liability protection to the owners and shareholders in a corporation.
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