Nigerian President Muhammadu Buhari has directed the immediate suspension of the inauguration of the newly constituted Board of the Nigerian National Petroleum Company (NNPC) Limited.
The event which was scheduled to hold on Wednesday has been postponed until further notice.
We learnt that the President took the decision because of the numerous petitions against the Chairman of the NNPC Board, Senator Ifeanyi Godwin Ararume.
“The numerous petitions against the chairman of the NNPC board, Senator Ararume from Imo State forced President Buhari to suspend the inauguration of NNPC board,” the source said.
The Secretary to the Government of the Federation, Boss Mustapha, on Tuesday disclosed the suspension in a statement titled ‘Suspension of Inauguration of Newly Constituted Board Of NNPC LTD.’
“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,” Mustapha said.
“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 suspension of the inauguration of the board comes two months after the NNPC Limited was incorporated in line with the directive of the President.
Ararume was appointed as Chairman of the Board, while Kyari and Umar Ajiya were Chief Executive Officer and Chief Financial Officer respectively.
Other members include 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 (South West).
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.
“This is in consonance with Section 53(1) of the Petroleum Industry Act (PIA) 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,” he had said.
The Nigeria’s oil and gas sector represents about 65% of government revenues, and the Nigeria’s economy is majorly dependent on oil.
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