State governors, on Thursday, raised concerns regarding the ownership of the new Nigerian National Petroleum Company (NNPC) Limited, its assets and liabilities.
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.
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.
The statement was titled ‘NEC commends Nigeria Sovereign Investment Authority’s performance at annual governing council meeting.’
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’;
“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.
“After his presentation, state governors raised a number of issues regarding the ownership of the new NNPC Limited, its assets and liabilities.
“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.”
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).
Also, the NSIA boss noted that the total comprehensive income declined marginally in 2021 by 8.2 per cent to close the year at N147bn (2020: N160.1 billion).
“The NSIA delivered impressive financial results, underscoring the resilience of its strategy. For the 9th year in a row, the NSIA has consistently remained profitable, closing the 2021 financial year with a profit after tax of N153.8 billion, slightly down 1.9 per cent from 2020. (2020: N156.5 billion).
“Total comprehensive income declined marginally in 2021 by 8.2 per cent to close the year at N147.0 billion (2020: N160.1 billion).
“The NSIA has reached major milestones across domestic infrastructure in the year under review in terms of projects such as motorways, agriculture, healthcare, technology, gas industrialization and others,” Orji disclosed.
Afterwards, the Council endorsed the report; commending the NSIA board and management for “a credible performance despite the challenging economic atmosphere.”
The NEC equally approved presentations by the Minister of Industry, Trade and Investment, Niyi Adebayo and the Special Adviser to the President on Ease of Doing Business, Jumoke Oduwole on System Approach for Better Education Results program.
It also approved a recommendation for the setup of SABER’s National Steering Committee, comprising PEBEC and the NG SABER Adhoc Committee to be chaired by the Vice President.