FG to hold equity stake in NNPC company in trust for Nigeria

The Minister of State for Petroleum Corporation, Chief Timipre Sylva, says the Federal Government will hold equity stake in trust for the federation in the proposed NNPC Ltd. in the Petroleum Industry Act (PIA).

Sylva said this while briefing newsmen, in Abuja, on Thursday.

“Just like in the Nigeria Liquified Natural Gas (NLNG), the Federal Government will hold the equity in NNPC Ltd. in trust for the three tiers of government.

“You must agree that in this country there is a Federal Government of Nigeria and there is a federation. The Federal Government of Nigeria can always hold something in trust for the federation.

“I can assure you that we are already discussing and we are clarifying some of these issues. In this case, what the Federal Government is doing is to hold the equity in trust for the federation,” he said.

The minister also said the Federal Government was in talks with the governors, and that there was no need for any controversy on the issue.

On gender balance in the PIA Steering Committee, he said selections were made based on different offices involved.

He assured that effort would be made to incorporate more women, adding that the implementation working group would be more diverse and inclusive.

“Let us not over flog this situation because when you say you are nominating, it is offices that are represented.

“I represent the Ministry of Petroleum Resources, and then the Permanent Secretary of the Ministry, there is no way because of gender equality I am going to look for somebody else to be here apart from the permanent secretary.


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