Just In: President Buhari Suspends NNPC Board's Inauguration Indefinitely

Just In: President Buhari Suspends NNPC Board's Inauguration Indefinitely

  • The inauguration of the newly constituted board of the Nigerian National Petroleum Company Limited (NNPC) has been postponed
  • The postponement which stands till further notice was approved by President Buhari, according to the SGF, Boss Mustapha
  • There was no reason given for the postponement of the inauguration which had earlier been scheduled to hold on Wednesday, November 24

State House, Abuja - President Muhammadu Buhari has directed the immediate suspension of the inauguration of the newly constituted board of the Nigerian National Petroleum Company Limited (NNPC).

Premium Times reported that the Secretary to the Government of the Federation (SGF), Boss Mustapha, made this known in a statement released on Tuesday, November 23.

NNPC: President Buhari Suspends Inauguration Indefinitely
President Buhari postpones the inauguration of the newly constituted board of the NNPC. Photo credit: Femi Adesina
Source: Facebook

Legit.ng gathers that the inauguration which was initially scheduled to hold on Wednesday, November 24, has now been postponed till further notice.

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The SGF did not state any reason for the postponement, Daily Trust stated.

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He 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."

Recall that President Buhari had in September named the new board members of the NNPC.

The president appointed a former senator, Ifeanyi Ararume, as the Chairman of the Board, with Umar Ajiya being the Chief Financial Officer.

He also appointed the Group Managing Director of the NNPC, Mele Kyari, as the Chief Executive Officer and a member of the new board.

NNPC reveals how much Nigerians may pay for litre of petrol after subsidy removal in 2022

In other news, Malam Mele Kyari, the Group Managing Director and Chief Executive Officer of the NNPC has said Nigeria should be out of subsidy regime by the end of February 2022.

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The NNPC boss said this at the presentation of the World Bank Nigeria Development Update, November 2021 edition titled “Time for Business Unusual”. Kyari added that by February 2022, there will be no provision for subsidy legally.

He, however, said the Nigerian government has a bigger social responsibility to cater for the ordinary and will ensure that the subsidy regime is exited in the most subtle and easy manner. The NNPC chief added that the price of the product may range between N320 and N340 per litre after the removal of subsidy.

Source: Legit.ng

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