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

The Secretary to the Government of the Federation, Mr Boss Mustapha, announced this on Tuesday in a statement titled ‘Suspension of Inauguration of Newly Constituted Board Of NNPC LTD.’

He revealed that the inauguration of the Board, initially scheduled to hold on Wednesday, was suspended indefinitely.

“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.”

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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.

“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.

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

In line with the provisions of Section 59(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.

Other members included 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).

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