President Muhammadu Buhari on Tuesday suspended the inauguration of the newly constituted Board of the Nigerian National Petroleum Company Limited (NNPC).
This was disclosed by the Secretary to the Government of the Federation, Mr Boss Mustapha.
He said 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.”
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.
