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Governors Raise Concerns Over NNPC Ownership

Udeme James

Aug 19, 2022

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State governors, on Thursday, raised concerns regarding the ownership of the new Nigerian National Petroleum Company Limited, its assets and liabilities.

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Consequently, the Chairman of the Council, Vice President Yemi Osinbajo, directed that a sub-committee be set up to liaise with the Federal Government on all the issues raised.

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According to a statement by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, the concerns followed a presentation by the Group Chief Executive Officer of the NNPC Ltd., Mele Kyari, in which he shared updates on crude oil production, PMS supply situation and security intervention against oil theft.

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The statement was titled 'NEC commends Nigeria Sovereign Investment Authority's performance at annual governing council meeting.'

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The statement read, "The Group CEO of NNPC Limited, Mele Kyari, made a presentation to the council on 'Crude Oil Production, PMS Supply Situation and Security Intervention against Oil Theft';

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"In it, he raised several issues including oil production and market updates. He also gave updates on the PMS supply and distribution, assuring of sufficiency.

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"After his presentation, state governors raised a number of issues regarding the ownership of the new NNPC Limited, its assets and liabilities.

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"NEC therefore resolved, and the Vice President directed that a sub-committee of the Council be set up to liaise with the Federal Government on all the issues.ÔÇØ

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Earlier, the council also received briefing from the Managing Director of the Nigeria Sovereign Investment Authority, Uche Orji, where he revealed that the agency closed the 2021 financial year with a profit after tax of N153.8bn, slightly down 1.9 per cent from 2020. (2020: N156.5bn).

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— Udeme James

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