NNPC: Governors wants explanation on new ownership

Governors have expressed concerns over the ownership, assets, and liabilities of the recently inaugurated Nigerian National Petroleum Company Limited (NNPCL).

Their concern was raised during a virtual National Economic Council (NEC) meeting, presided over by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.

It came barely a month after the one-time government-run conglomerate transformed into a private entity.

According to a statement issued by the Senior Special Assistant to the President in Media and Publicity Office in the Vice President’s Office, Mr. Laolu Akande, the Group Chief Executive Officer of the NNPCL, Mele Kyari, had presented updates on crude oil production, petrol supply situation and security intervention against oil theft to the Council.

Following the reservations raised by the governors, the NEC resolved and the Vice President directed that a sub-committee of the Council be set up to consider the governors’ concerns and liaise with the federal government on such concerns.

The NEC also endorsed a report on the 2021 financial performance of the Nigeria Sovereign Investment Authority (NSIA), commending the board and management for a credible performance despite the challenging economic atmosphere.

The NEC equally approved the presentations made by Industry, Trade, and Investment Minister Otunba Niyi Adebayo and the Special Adviser to the President on Ease of Doing Business, Jumoke Oduwole on the System Approach for Better Education Results (SABER) program.

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