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Buhari suspends inauguration of new NNPC board

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The inauguration of the recently created Board of the Nigerian National Petroleum Company (NNPC) Limited has been suspended by President Muhammadu Buhari.

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

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

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“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,” said Mustapha.

“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 board’s inauguration comes two months after the NNPC Limited was formed in accordance with the President’s direction.

Femi Adesina, the President’s Special Adviser on Media and Publicity, revealed in a statement dated September 19 that his boss gave the order 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.

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Mr Mele Kyari, NNPC Group Managing Director, was asked to take the required actions to ensure that the NNPC Limited’s incorporation complied with the PIA’s rules.

President Buhari also approved the nomination 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, respectively, were named Chief Executive Officer and Chief Financial Officer.

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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