Why President Buhari suspended the inauguration of the newly NNPC constituted Board?

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Wonder never ends in Nigeria as President Muhammadu Buhari directed the immediate suspension of the inauguration of the newly constituted Board of the Nigerian National Petroleum Company Limited (NNPC) until further notice.

Secretary to the Government of the Federation, Boss Mustapha, who made this known in a terse statement on Tuesday in Abuja, did not give a reason for the suspension of the inauguration earlier scheduled for Wednesday, 24th November 2021.

While expressing regrets for the inconveniences the development might cause the members, the SGF said a new date for the inauguration of the Board would be announced in due course.

The statement read: “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.

“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”.

The AmehNews recall that President  Buhari had directed the Nigerian National Petroleum Company Limited be incorporated after he signed into law, the Petroleum Industry Bill 2021.

He also approved the appointment of the Board and Management of the NNPC Limited with Senator Ifeanyi Ararume as Chairman.

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, was appointed Chief Executive Officer.

The statement read, “President Muhammadu Buhari, in his capacity as Minister of Petroleum Resources, has directed the incorporation of the Nigerian National Petroleum Company Limited.

“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 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, President Buhari has approved the appointment of the Board and Management of the NNPC Limited, 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).”


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