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Buhari suspends inauguration of Ararume-led NNPC board

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President Muhammadu Buhari on Tuesday suspended indefinitely the inauguration of the newly constituted board of the Nigerian National Petroleum Company (NNPC).

The inauguration was slated to hold on Wednesday.

The President had in September appointed the Senator representing Imo North Senatorial District, Ifeanyi Ararume and a few other persons into the board.

The Secretary to the Government of the Federation, Boss Mustapha, announced this in a statement titled: “Suspension of Inauguration of Newly Constituted Board Of NNPC LTD” in Abuja.

READ ALSO: NNPC to spend 39.4% of N621.2bn tax liabilities in North-Central

He said: “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.

“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.”

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