ABUJA — Nigeria's President Muhammadu Buhari on Sunday
ordered the incorporation of the state-run oil company within six months and
appointed a board for the new firm, his office said.
اضافة اعلان
Last month, Buhari signed a long-awaited oil bill into law
after nearly two decades in the works as Africa's largest crude producer aims
to attract more foreign investment to its ailing petroleum sector.
The incorporation of the
Nigerian National Petroleum
Corporation (NNPC) is also aimed at turning it into commercial and
profit-making enterprise, with its shares sold to the public.
"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
(Petroleum Industry Act) 2021," Buhari's office said in a statement.
Buhari, who doubles as oil minister, also appointed a board
for the new company, it said.
For several decades, the NNPC has been plagued by
inefficiency, corruption and mismanagement.
Under the new legislation, the company will be overhauled to
better separate commercial and regulatory roles.
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