Going by the directive by President Muhammadu Buhari to incorporate a Nigerian National Petroleum Company Limited, the implementation of the Petroleum Industry Act 2021 has begun.
A statement from Aso Rock signed by Special Adviser on Media and Publicity, Femi Adesina, said that this was in consonance with Section 53(1) of the Petroleum Industry Act 2021.
It is possible that shares of the proposed company may be sold to the public in the future.
According to the statement, the Act requires that the Minister of Petroleum Resources should incorporate an NNPC Limited within six months of commencement of the Act in consultation with the Minister of Finance on the nominal shares of the Company.
Adesina said that the Group Managing Director of the NNPC, Mr Mele Kolo Kyari, had been directed to take necessary steps to ensure that the incorporation of the NNPC Limited was consistent with the provisions of the PIA 2021.
The statement further announced the appointment of the Board and Management of the NNPC Limited, with effect from the date of incorporation of the Company.
Members of the board include the Chairman of the proposed Board, 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).