President Muhammadu Buhari has directed the immediate suspension of the inauguration of the newly constituted Board of the Nigerian National Petroleum Company Limited (NNPC) scheduled for Wednesday November 24, 2021 until further notice.
According to a statement by the Secretary to the Government of the federation, Boss Mustapha, a new date for the inauguration of the Board will be announced in due course.
“We deeply regret inconveniences caused to members by this suspension, please,” Mustapha said.
Recall that President Buhari, in his capacity as Minister of Petroleum Resources, in September had directed the incorporation of the Nigerian National Petroleum Company Limited.
According to a statement by presidential spokesman, Femi Adesina, this was 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 power vested in him under Section 59(2) of the PIA 2021, Adesina said President Buhari has approved the appointment of the Board and Management of the NNPCLimited, with effect 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).