The Nigeria Governors’ Forum (NGF) has thrown its weight behind the unbundling and commercialization of the Nigerian National Petroleum Corporation (NNPC) as recommended in the Petroleum Industry Bill (PIB) but disagrees with the part of the legislation that gives its proprietorship to the federal government.
This was contained in a communique issued by the Governor of Ekiti State and Chairman of the NGF, Kayode Fayemi.
The forum also supported the Southern governors’ recommendation on the proposed National Petroleum Corporation (NNPC) Limited.
It was agreed by the forum that the new entity to emerge from the passage of the petroleum industry bill (PIB) should be under the ownership of the Nigeria Sovereign Investment Authority (NSIA).
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“The NGF recommends that given that the three tiers of government own the corporation, the newly incorporated entity (NNPC Limited) should be owned by a vehicle that holds the interest of the three tiers of government – for now, the institution that is positioned to carry out this mandate is the Nigeria Sovereign Investment Authority (NSIA),” the communique reads.
“This amendment as well as the proposed 3% share of oil revenue to host communities and 30% share of profit for the exploration of oil and gas in the basins will be responded to at relevant channels including the National Assembly and the National Economic Council (NEC).
“The Forum will take a position on the planned privatisation of assets of the Niger Delta Power Holding Company (NDPHC) which were listed by the Bureau for Public Enterprise (BPE) without due consultation with state governments who are shareholders of the company.
“NDPHC is incorporated under the Companies and Allied Matters Act as a private limited liability company with shareholding fully subscribed to by the Federal, State and Local Governments with a mandate to manage National Integrated Power Projects (NIPP) in the country.”
