Buhari suspends inauguration of newly constituted board of NNPC Ltd

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*Photo: Buhari

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 24th November, 2021 until further notice.

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Secretary to the Government of the Federation, Mr. Boss Mustapha disclosed this in a statement on Tuesday, saying that “A new date for the inauguration of the Board will be announced in due course.”

Mustapha did not give reason for the suspension. He simply stated that “We deeply regret inconveniences caused to members by this suspension, please.”

President Muhammadu Buhari had in September approved the appointment of the Board and Management of the NNPC Limited with Senator Ifeanyi Ararume as Chairman.

This came in the heels of the directive by the president that the Nigerian National Petroleum Company Limited be incorporated, according to a statement on Sunday, September 19,2021 by  the Special Adviser to the President on Media and Publicity, Femi Adesina.

Adesina said the President appointed the Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, as the Chief Executive Officer, adding that Buhari acted in accordance with the Petroleum Industry Act 2021.

“This is 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 statement explained.

Adesina said the  NNPC GMD has been directed to take necessary steps to ensure that the incorporation of the oil company is consistent with the provisions of the PIA 2021.

He said Senator Ararume will serve as the Chairman of the Board, with Umar I. Ajiya being the Chief Financial Officer.

Other board members, according to Adesina, 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).

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