President Muhammadu Buhari, on Sunday has ordered the incorporation of the Nigerian National Petroleum Company (NNPC) Limited.

The president has also appointed the board and the management of the NNPC.

This disclosure was made in a statement issued by Special Adviser to the President (Media and Publicity), Femi Adesina.

According to the statement, the president gave the order in his capacity as Minister of Petroleum, and also in accordance to the Section 53 (1) of the new Petroleum Industry Act (PIA)2021.

Buhari also ordered the Managing Director of NNPC, Mele Kyari to immediately carry out the assignment and ensure that the incorporation of the NNPC is in line with the instruments in the PIA.

The President named Senator Ifeanyi Ararume as Chairman of the Board while Kyari and Umar I. Ajiya were appointed as 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).

“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 statement said.