Breaking: Buhari Suspends Inauguration of Newly Constituted NNPC Board 

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  • The president directed immediate suspension until further notice of the inauguration of the newly constituted board of the Nigeria National Petroleum Company, NNPC, earlier scheduled to take place tomorrow, November 24th, 2021.

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The inauguration of the newly formed Board of the Nigerian National Petroleum Company Limited (NNPC) has been postponed by .

 

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Mr Boss Mustapha, the Secretary to the of the Federation, issued a statement on Tuesday titled “Suspension of Inauguration of Newly Constituted Board of NNPC LTD.”

He revealed that the Board’s inauguration, which had been scheduled for Wednesday, had been postponed indefinitely.

has directed that the inauguration of the newly constituted Board of the Nigerian National Petroleum Company Limited (NNPC), which was scheduled for Wednesday, November 24, 2021, be postponed until further notice,” Mustapha said.

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“In due course, a new date for the Board’s inauguration will be announced. Please accept our sincere apologies for any inconvenience this suspension has caused our members.”

The suspension of the board’s inauguration comes two months after the NNPC Limited was formed in accordance with the President’s directive.

Femi Adesina, the President’s Special Adviser on Media and Publicity, explained in a statement dated September 19 that his boss gave the order in his capacity as Minister of Petroleum Resources.

“This is in accordance with Section 53(1) of the Petroleum Industry Act (PIA) 2021, which requires the Minister of Petroleum Resources to cause the NNPC Limited to be incorporated within six months of the Act’s commencement, in consultation with the Minister of Finance on the nominal shares of the company,” he said.

Mr Mele Kyari, NNPC Group Managing Director, was directed to take the necessary steps to ensure that the NNPC Limited’s incorporation complied with the PIA’s provisions.

President Buhari also approved the appointment of the Board and Management of the NNPC Limited, with effect from the date of the company’s incorporation, in accordance with Section 59(2) of the PIA 2021.

Senator Ifeanyi Ararume was named Chairman of the Board, and Kyari and Umar Ajiya, were named Chief Executive Officer and Chief Financial Officer respectively.

Dr. Tajudeen Umar (North East), Mrs. Lami Ahmed (North Central), Mr. Mohammed Lawal (North West), Senator Margaret Okadigbo (South East), Mr. Constance Marshal (South South), and Mr. Pius Akinyelure were among the other members (South West).

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