President Muhammadu Buhari has directed the incorporation of the Nigerian National Petroleum Company (NNPC) Limited.
Buhari can be the Minister of Petroleum Resources, a place he has reserved for himself since he got here to energy in 2015.
The improvement was introduced in a press release on Sunday, signed by his Special Adviser on Media and Publicity, Femi Adesina.
According to the assertion, the transfer 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”.
“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 ability vested in him below Section 59(2) of the PIA 2021, President Buhari has authorized the appointment of the Board and Management of the NNPC Limited, with impact 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 assertion additional learn.
According to Upcounsel, when a enterprise decides to kind a company construction or firm, the method known as incorporation. Corporations, by definition, are utterly separate entities from their homeowners. This separation known as the company veil, and it provides a stage of legal responsibility safety to the homeowners and shareholders in an organization.