March 2, 2024

PIA: Southern Governors okay ownership of proposed NNPC Ltd


Oredola Adeola

The Nigerian Southern Governors’ Forum has expressed satisfaction with the handling of issues around the Petroleum Industry ACT (PIA) and ownership of proposed Nigerian National Petroleum Corporation Limited(NNPC Ltd) by the larger Nigerian Governors’ Forum.

The Forum made this known at its meeting held on Thursday, September 16, 2021, at the Government House, Enugu, Enugu State.
The Forum in a statement signed by Governor Oluwarotimi Akeredolu of Ondo State, revealed that the Governors reviewed the state of the nation, and the progress made so far on the implementation of the decisions reached at its previous meeting on PIA.

According to Akeredolu, NSGF has resolved to work with the  Steering Committee set up by President  Muhammadu Buhari to oversee the process of the implementation of the recently signed Petroleum Industry Bill into law,  headed by the Minister of State for Petroleum Resources, Timipre Sylva.

Aligning itself with the position of the larger Nigerian Governors’ Forum, the NSGF on it part agreed with the Committee chaired by the Governor of Nasarawa State which membership include the Governors of Abia, Ogun Kwara, Akwa Ibom, Gombe  and Kaduna, constituted for the purpose of monitoring the process of implementation.

The NSGF had in its previous meetings held that the new entity that will emerge following the passage of the petroleum industry Act (PIA) should be owned by Nigeria Sovereign Investment Authority (NSIA).

The Forum recommends that given that the three tiers of government own the corporation, the new incorporated entity (NNPC Limited) should be owned by a vehicle that holds the interest of the three tiers of government – for now.
The Governors however noted that the institution that is positioned to carry out its mandate is the NSIA.

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