Senators on Thursday supported the Minister of Petroleum Resources, Dr. Ibe Kachikwu’s decision to reorganise the Nigeria National Petroleum Corporation (NNPC) for better performance.
However, Senators expressed dissatisfaction for failing to consult the National Assembly before announcing the decision to restructure for better performance.
The Lawmakers who commenced the meeting opened door session later went on closed door session on request Committees members.
Addressing journalists after the closed door session, the Chairman of the Joint Panel of the Senate, Senator Tayo Alasoadura said the Minister’s decision is in best interest of the country adding the Minister has not contravened any law.
According to him, we are convinced that no part of NNPC act was contravened by the action of the Minister.
We are satisfied with the reorganisation. The reorganisation will put an end to loosing of $30 million monthly by the Corporation.
Earlier, the Minister, Dr. Kachikwu reiterated to the Senators that what his ministry did was not unbundling, but restructuring.
He also refuted claims by a Senator that the exercise was affected without the approval of a board and the Federal Executive Council, as stated elsewhere in the Act.
The NNPC Act Part 1, states in part that:
“It shall be the duty of the Corporation, from time to time, when the National Council of Ministers so requires or the Corporation considers it appropriate to undertake a general review of the affairs of the Corporation and of any subsidiaries thereof for the purpose of determining how the management of the activities of the Corporation or any subsidiary thereof can most efficiently be organised and, where appropriate, to make a report to the National Council of Ministers upon the Corporation’s conclusions arising from the review.
6. (1)The Corporation shall have powers to do anything which in its opinion is calculated to facilitate the carrying out of its duties under this Act including, without limiting the generality of the following, the power –
(a) to hold, manage and alienate movable and immovable property;
(b) to purchase or otherwise acquire or take over all or any of the assets, businesses, properties, privileges, contracts, rights, obligations and liabilities of any other company, firm or person in furtherance of any business engaged in by the Corporation;
(c) to enter into contracts or partnerships with any company, firm or person which in the opinion of the Corporation will facilitate the discharge of the said duties under this Act;
(d) to establish and maintain subsidiaries for the discharge of such functions as the Corporation may determine; and
(e) to train managerial, technical and such other staff for the purpose of the running of its operations and for the petroleum industry in general.(2) Notwithstanding subsection (1) of this section, any contract relating to any project of a value of more than N5,000,000 (or such higher limit as may be directed from time to time by the National Council of Ministers) shall be referred by the Corporation to the National Council of Ministers for approval before the award of any such contract is made by the Corporation. Buycustomessay.top is premium quality philosophy research paper writing website . Our custom written papers are original. Our writers are able to provide you with the writing help you have been looking for.
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