With the dissolution of Governing Boards of all Federal Government parastatals, agencies, Institutions, and government-owned Companies, President Bola Tinubu has effectively dissolved the boards of the four key parastatals of the Nigerian Ministry of Petroleum….CONTINUE READING...CONTINUE READING
The statement instructing that the Chief Executive Officers of the Parastatals, Agencies, Institutions, and Government-Owned Companies “are directed to refer matters requiring the attention of their Boards to the President, through the Permanent Secretaries of their respective supervisory Ministries and Offices until such a time new boards are constituted,” effectively means that the CEOs of NNPC Ltd, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigeria Midstream, Downstream Petroleum Regulatory Agency (NMDPRA) and the Nigerian Content Development Monitoring Board (NCDMB), will, in the next few weeks, be engaging the offices of Gabriel Tanimu Aduda, the Permanent Secretary Ministry of Petroleum Resources (MPR).
“Permanent Secretaries are directed, also, to route such correspondences to Mr. President through the Office of the Secretary to the Government of the Federation. Consequently, all Ministries, Departments and Agencies are to ensure compliance with the provision of this directive which took effect from Friday, June 16, 2023”, the statement says.
What this dissolution of the boards of the parasails throws up, in high relief, is the fraught issue of the tenure of the positions of the CEOs.
The most contentious CEO position in the petroleum industry is that of the CEO of NNPC Ltd, despite the fact of the whittling down of the company’s influence as the be- all and end- all of the industry by the Petroleum Industry Act (PIA), which grants sweeping powers to the regulatory bodies: NUPRC and NMDPRA.
But in terms of clear sight to rent, which is the prism through which the Nigerian political elite eye positions, NNPC controls more budget and therefore, commands a lot of fire power.
This is an evolving story….CONTINUE READING
