by AljazirahNews | November 24, 2021 1:44 pm
by Cyril Ogar
President Muhammadu Buhari has 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, Mr 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, 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”.
Recall that following the signing into law by President Muhammadu Buhari, the Petroleum Industry Bill 2021, he had directed that the Nigerian National Petroleum Company Limited be incorporated.
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.
Special Adviser on Media and Publicity, Mr Femi Adesina, had announced this in September this year in a statement while noting that the president acted in accordance with the Petroleum Industry Act 2021.
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.
According to the statement, the move by Buhari was 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, was, therefore, 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),” the statement further read.
According to Uncounseled, when a business decides to form a corporate structure or company, the process is called incorporation. Corporations, by definition, are completely separate entities from their owners. This separation is called the corporate veil, and it offers a level of liability protection to the owners and shareholders in a corporation.
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