New Era For NNPCL As Shareholders Endorse Composition Of Management Team
…Direct Company Secretary To File Management Team Change To CAC
The shareholders of the Nigerian National Petroleum Company Limited have approved the names and portfolios of the new management team of the company that would be submitted to the Corporate Affairs Commission.
The move is in line with the provisions of the Petroleum Industry Act.
The submission of the names of the new NNPC management was done through a resolution that was signed by the shareholders of the company.
The shareholders are the Ministry of Finance and the Ministry of Petroleurn Resources.
According to the resolution, obtained by THE WHISTLER, Bashir Bayo Ojulari was named as the Group Chief Executive Officer, Rowland Ewubere Group Chief Operating Officer, Adedapo Segun Group Chief Finance Officer and Olalekan Ogunieye Executive Vice President Gas, Power & New Energy.
Similarly, Udobong Nita retained his position as Executive Vice President Upstream, while Mumuni Dagazau was named Executive Vice President Downstream with Sophia Mbakwe Executive Vice President Business Services and Adesuwa Dozie Company Secretary & Chief Legal Officer.
The resolution reads in part, “We, the undersigned, being all the shareholders of the Company, who at the date of this resolution are entitled to attend and vote at the general meetings of the Company, signify our assent to the passing of the resolutions set out below and agree that for all purposes, the said resolutions shall be valid and effectual as if same had been passed at a general meeting of the Company duly convened and held.
“That the Board of Directors of the Company be and is hereby authorised to do all such things including without limitation to signing such documents, directing such committees or person(s), if any, as may be required by law and the Memorandum and Articies of Association of the Company to give effect to the resolutions.
“That the company secretary is hereby authorised to make all requisite filings at the Corporate Affairs Commission.”
President Bola Tinubu has on Wednesday announced the reconstitution of the NNPC tea. Which saw the replacement of the NNPCL board chairman, Chief Pius Akinyelure, and all other board members appointed in November 2023.
The reconstituted board includes six non-executive directors representing the country’s geopolitical zones: Bello Rabiu (North West), Yusuf Usman (North East), Babs Omotowa (North Central), Austin Avuru (South-South), David Ige (South West), and Henry Obih (South East). Additionally, Mrs. Lydia Shehu Jafiya and Aminu Said Ahmed will represent the Federal Ministry of Finance and Ministry of Petroleum Resources, respectively.
The appointments announced by presidential spokesperson, Bayo Onanuga, on Wednesday morning, took effect immediately.
Onanuga said President Tinubu, exercising powers granted under Section 59, subsection 2 of the Petroleum Industry Act, 2021, noted that restructuring the board is essential for enhancing operational efficiency, investor confidence, boosting local content, driving economic growth, and advancing gas commercialization and diversification.
The new board has been tasked with conducting a strategic portfolio review of NNPC-operated and Joint Venture Assets to ensure alignment with value maximization objectives.
The move comes less than two years after oil sector reforms implemented by the Tinubu administration since 2023, which reportedly attracted $17bn in new investments under Kyari’s leadership.
New Era For NNPCL As Shareholders Endorse Composition Of Management Team is first published on The Whistler Newspaper
