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Nigeria to incorporate state-oil firm NNPC, board appointed

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By Reuters
Nigeria to incorporate NNPC, appoints board -President says
Nigeria to incorporate NNPC, appoints board -President says   -   Copyright  Thomson Reuters 2021   -  

<div> <p><span class="caps">ABUJA</span> -Nigeria’s President Muhammadu Buhari said on Sunday he had appointed a board for state-oil firm <span class="caps">NNPC</span> and directed that it should be incorporated within six months, a move that could allow it to sell shares in the future.</p> <p>Buhari, who doubles as petroleum minister, signed an oil bill into law last month that has been in the works for nearly two decades, aiming to overhaul the sector and turn the state-owned oil company into a private firm.</p> <p>The new oil law requires <span class="caps">NNPC</span> to be incorporated within six months, Buhari said in a statement, appointing Ifeanyi Ararume as <span class="caps">NNPC</span> chairman and its current Chief Executive Mele Kyari to lead the firm.</p> <p>Kyari has said <span class="caps">NNPC</span> could consider an initial public offering (<span class="caps">IPO</span>) within three years. The incorporation could pave the way for <span class="caps">NNPC</span> to sell shares. </p> <p>Buhari said last month that <span class="caps">NNPC</span> made its first profit in 44 years in 2020. </p> </div>