PRESIDENT MUHAMMADU BUHARI SUSPENDS INAUGRATION OF NIGERIA NATIONAL PETROLEUM COMPANY LIMITED BOARD

President Muhammadu Buhari has indefinitely suspended the inauguration of the newly constituted Board of the Nigerian National Petroleum Company Limited, NNPC.

The Secretary to the Government of the Federation, Boss Mustapha, in a statement on Tuesday, revealed that the inauguration of the Board, initially scheduled to hold on Wednesday, was suspended indefinitely.

The suspension of the inauguration of the board comes two months after the NNPC Limited was incorporated in line with the directive of the President.

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

Meanwhile, NNPC Group Managing Director, Mele Kyari, was directed to take necessary steps to ensure that the incorporation of the NNPC Limited was consistent with the provisions of the Petroleum Industrial Act, PIA.

In line with the provisions of Section 59 subsection 2 of the PIA 2021, President Buhari also approved the appointment of the Board and Management of the NNPC Limited, with effect from the date of incorporation of the company.

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