To interface with Finance Minister, CBN Gov, others
The House of Representatives Ad hoc Committee set up to ascertain the total inventory, assets, interests and liabilities of the Nigeria National Petroleum Company Limited is to meet with the Chief Executive Officer of NNPC Limited soon to deliberate on the transfer of assets of defunct NNPC.
The ad-hoc committee chairman, Hon Kingsley Uju Chima, who gave the indication yesterday, at a meeting, also stressed the need to interface with the Minister of State for Petroleum Resources, Governor of Central Bank of Nigeria (CBN) and Minister of Finance, Budget and National Planning.
According to Section 53(2-5) of the Petroleum Industry Act (PIA), the federal government shall hold full ownership of the NNPC Limited with the share held by the duo of Federal Ministry of Finance Incorporated and Ministry of Petroleum Incorporated on behalf of the government of the federation.
Section 53(5-8) however stipulates the government’s intention to set in motion the process of immediate commercialization and privatization of the operation and future private ownership of NNPC Limited.
Section 54 of the Act further provides that: “All assets and liabilities of the NNPC will be transferred to NNPC Limited. The ministers of Petroleum and Finance are saddled with the responsibility of determining the assets, interests and liabilities of NNPC which are to be transferred within 18 months of the PIA coming into effect.”
In view of the foregoing provision, the ad hoc committee has resolved to request detailed information on NNPC assets, interests, liabilities and up-to-date audited reports from the CEO of NNPC Limited.
According to him, the committee was mandated to ascertain the total inventory, assets, interests and liabilities of NNPC and its subsidiaries before transfer to the NNPC Limited to ensure a glossary accounting system and report back within eight weeks.
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