Latest News
JUST IN: Buhari Makes NNPC A Corporation, Appoints Board Members (Full List)

According to Sahara Reporters, President Muhammadu Buhari has directed the incorporation of the Nigerian National Petroleum Company (NNPC) Limited.
Buhari is also the Minister of Petroleum Resources, a position he has reserved for himself since he came to power in 2015.
The development was announced in a statement on Sunday, signed by his Special Adviser on Media and Publicity, Femi Adesina.
According to the statement, the move by Buhari 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”.
Read Also Revealed: Why Jonathan Is Not Happy With PDP
“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),” the statement further read.
According to UpCounsel, when a business decides to form a corporate structure or company, the process is called incorporation. Corporations, by definition, are completely separate entities from their owners. This separation is called the corporate veil, and it offers a level of liability protection to the owners and shareholders in a corporation.
Source: Sahara Reporters
-
Latest News2 weeks ago
President Tinubu Arrives Saint Lucia to Deepen Economic, Cultural Cooperation (Video)
-
Latest News1 week ago
Tinubu Shakes the Caribbean: History, Glory, and Deals Unleashed in Saint Lucia(Detailed Video)
-
Latest News7 days ago
Full List Of Proposed New States Submitted To House Of Reps
-
Latest News1 week ago
 BREAKING! President Tinubu shakes up Saint Lucia(Video)
-
Latest News3 days ago
Oshiomhole Shuts Down Benin with Power Moves at APC South-South Stakeholders Meeting! (Video)
-
Latest News2 weeks ago
Senate Gives NNPCL Boss 10-Day Ultimatum Over Missing ₦200 Trillion
-
Latest News2 weeks ago
Edo: Gov Okpebholo Commences School Handover to Catholic Mission
-
Entertainment7 days ago
‘2Baba’s Condition Is Disturbing, He’s Losing Himself’ – Daddy Freeze Raises Alarm
-
Latest News2 weeks ago
Why Fubara Missed Peace Meeting With Tinubu – Ex-Commissioner Reveals
-
Latest News1 week ago
APC: Orji Kalu Reveals Why Ganduje Stepped Down As Party Chairman
-
Latest News3 days ago
When Men Mount: Esosa Iyawe Steals the Spotlight at APC South-South Stakeholders Meeting in Benin(Video)
-
Latest News1 week ago
President Tinubu To Address Special Joint Sitting Of Saint Lucia’s Parliament And OECS Heads Of Government