President Buhari
The Nigerian National Petroleum Company (NNPC) Limited has been established by President Muhammadu Buhari.
Buhari also serves as Minister of Petroleum Resources, a job 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.
According to the statement, Buhari's action is "in accordance 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 on the nominal shares of the Company within six months of the Act's commencement in consultation with the Minister of Finance."
"The NNPC's Group Managing Director, Mr Mele Kolo Kyari, has been ordered to take the required procedures to ensure that the NNPC Limited's incorporation complies with the terms of the PIA 2021."
"President Buhari has also authorized the appointment of the Board and Management of the NNPC Limited, with effect from the date of the Company's formation, using the power granted in him under Section 59(2) of the PIA 2021.
"Senator Ifeanyi Ararume serves as Chairman of the Board, with Mele Kolo Kyari and Umar I. Ajiya serving as Chief Executive Officer and Chief Financial Officer, respectively.
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) are among the other members of the board, according to the statement.
According to Upcounsel, incorporation is the process through which a firm decides to create a corporate structure or company. Corporations are, by definition, legal entities distinct from their owners. The corporate veil is a legal distinction that provides liability protection to a corporation's owners and shareholders.
