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HomeTop NewsPIA Amendment: Buhari wants Finance, petroleum ministers remove from NNPC Ltd. board

PIA Amendment: Buhari wants Finance, petroleum ministers remove from NNPC Ltd. board

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President Muhammadu Buhari has written to the Senate, seeking an amendment to the recently signed Petroleum Industry Act (PIA).

In the letter, President Buhari wants an amendment to the new Act to allow for the removal of the Ministers of Petroleum and Finance from the board of the Nigerian National Petroleum Corporation (NNPC), saying that they can continue to perform their functions without necessarily being members of the board.

The President of the Senate, Ahmad Lawan read the President letter at plenary on Tuesday.

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In the letter, President Buhari is also seeking amendment to allow the Non-Executive Members to be increased from two to six in the interest of the national petroleum.

The president had last month signed the Petroleum Industry Bill (PIB) into law while he directed the state-oil firm, NNPC to incorporate the new NNPC Limited in line with the provisions of the PIA.

The President also appointed the current group managing director of the NNPC, Mele Kyari as the chief executive officer of the yet to be incorporated firm while also appointed Ifeanyi Ararume as the board chairman of NNPC Limited.

He said the directive 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.

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