The Petroleum Industry Bill 2021 was signed into law by the President, Major General Muhammadu Buhari (retd.).

Major General Muhammadu Buhari (retd.) has ordered the establishment of the Nigerian National Petroleum Company Limited.

He also gave his approval to Senator Ifeanyi Ararume’s appointment as Chairman of the NNPC Limited Board and Management.

Mr. Mele Kyari, the Nigerian National Petroleum Corporation’s (NNPC) Group Managing Director, has been named CEO.

Mr. Femi Adesina, the president’s Special Adviser on Media and Publicity, stated that the president acted in compliance with the Petroleum Industry Act 2021.

The statement said, “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), Barrister Constance Harry Marshal (South-South), and Chief Pius Akinyelure (South West).”