August 17, 2022

Re: Former Rep Members Decry Lopsided Appointment of NNPC Board Members

2 min read

The Integrity Youth Alliance on Thursday lambasted the People Democratic Party Forum of South-South Former Members of the House of Representatives for decrying the composition of the recently constituted Board of Nigeria National Petroleum Company Ltd (NNPC Ltd).

The Board Chairman of the group, Adewole Kehinde, said that the Directors are representatives of the Federal Government in a statement released in Abuja.

Adewole acknowledged that though NNPC is still owned by the FG, who appoints its directors, he reminded the Forum that ownership is different from management.

“We wish to remind the Forum that the Nigerian National Petroleum Company Limited is ready to launch an initial public offering (IPO) in the middle of next year.”

According to the Group Chief Executive Officer of the company, Mal Mele Kyari, we are convinced that by the middle of next year, the company will be IPO-ready, which will translate into a system, processes, and a company that is accountable to its stakeholders and shareholders.

It will be recalled that Kyari has stated that all Nigerians are the shareholders in the new system of the NNPC Limited but are represented by the Ministries of Petroleum and Finance.

“NNPC Limited is owned by over 200 million Nigerians. The shareholders are always represented. And in this context, it’s now represented by the Ministries of Petroleum (incorporated) and Finance (incorporated) on behalf of the rest of the federation.

Adegbenga noted that with the unveiling of Nigerian National Petroleum Company Limited, we now have a smarter, more responsive, and more accountable company under the efficient Group Chief Executive Officer, Mal Mele Kyari.

Finally, the transition from NNPC to NNPC Limited would serve the over 200 million Nigerian shareholders rather than the perception of the Forum that believed NNPC Limited would serve the purpose of enriching a few private individuals while impoverishing the masses of Nigeria.

Recall that the forum in a statement signed by its coordinator Mr. Daniel Reyenieju noted that the list of names of members of the Board brazenly demonstrates its bias in favour of a particular section of the Country such that the preponderance of the names on the list including the Company Secretary is from the same geopolitical region to the disadvantage of the regions producing the oil and gas.

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