Certificate of Incorporation for NNPC presented to President Buhari

President Muhammadu Buhari has received the Certificate of Incorporation of the Nigeria National Petroleum Corporation(NNPC).

The certificate was presented to President Buhari at the State House today, Friday, October 8, by the Minister of State for Petroleum, Timipre Sylva, Registrar Corporate Affairs Commission, Alhaji Garba Abubakar and NNPC Group Managing Director, Mele Kyari.

Mr Sylva had said that the NNPC will become a commercial company within six months  in accordance with the new Petroleum Industrial Bill signed into law by President Buhari this year’s August.

President Buhari had earlier approved the appointment of the Board and Management of the NNPC Limited, with effect from the date of incorporation of the Company. The 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).

All shares in NNPC Limited are expected to be vested in the government at incorporation and held by the Ministry of Finance. Mr Sylva also said that subsidy policies will remain in place until further notice although the new Petroleum Act has deregulated the oil sector.

At the SEPLAT Energy Summit which held in Abuja on Thursday, Mr Sylva had said that

“The PIA 2021 will undoubtedly assist in harnessing Nigeria’s potential to achieve its oil production to four million barrels per day and oil reserves from 37 billion barrels to 40 billion barrels while also drawing on the country’s estimated 600 cubic ft of natural gas to provide clean and efficient energy.”

Others in attendance during the Certificate of Incorporation presentation are the Permanent Secretary, Ministry of Finance, Budget & National Planning Aliyu Ahmed; Chief of Staff to President Buhari, Ibrahim Gambari; Secretary to the Government of the Federation, Boss Mustapha; Permanent Secretary, Ministry of Petroleum Resources Dr. Nasir Sani Gwarzo, and NNPC CFO, Umar Isa Ajiya.