The President, Major General Muhammadu Buhari (retd.), has directed that the Nigerian National Petroleum Company (NNPC) Limited be incorporated.

He also approved the appointment of the Board and Management of the NNPC Limited with Senator Ifeanyi Ararume as Chairman.

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, was appointed Chief Executive Officer.

This was contained in a statement by his Special Adviser on Media and Publicity, Mr Femi Adesina, saying that the president acted in accordance with the Petroleum Industry Act 2021.

The statement read, “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).”

We’ve completed incorporation of NNPC as limited liability company – CAC

The Corporate Affairs Commission on Wednesday said it had completed the incorporation of Nigerian National Petroleum Company in line with the provisions of the Petroleum Industry Act.

The commission’s Registrar-General, Garba Abubakar, confirmed the development in Abuja while speaking at the quarterly meeting of heads of agencies in the Ministry of Industry, Trade and Investment.

According to him, the registration was completed the same day after fulfilling all requirements set for the incorporation of the NNPC Limited.

Section 53(1) of the PIA, requires the Minister of Petroleum Resources to cause for the incorporation of the NNPC Limited within six months of the enactment of the PIA in consultation with the Minister of Finance on the nominal shares of the company.

As a limited liability company, NNPC will be required to pay taxes and dividends to its shareholders.

The CAC boss also disclosed that the digitisation of the trademark and patent registry was in the works by the CAC to ensure synergy and eliminate possible conflicts.

He explained that the digitisation project was awaiting approval from the National Information Technology Development Agency.

On the free registration of 250,000 business names sponsored by the Federal Government, Abubakar said that despite delay from one of the selected aggregators, the commission had less than 3,000 applications to complete the mandate.

He said the commission would ensure completion by the first week of October 2021.

Declaring open the meeting, the Minister of Industry Trade and Investment, Niyi Adebayo, said the event was being held quarterly to asses among others things the journey so far, challenges and way forward for the agencies under the ministry’s purview.

The minister therefore charged the agencies to ensure more commitment and dedication to service for the overall growth of the economy.

In her remarks, the Minister of State for Industry, Trade and Investment, Maryam Katagum, gave an update on the implementation of the COVID-19 Survival Fund which she described as tough and challenging experience.