Thread by @FMPRng

The President of Nigeria, His Excellency, President @MBuhari, GCFR represented by Chief Timipre Sylva has arrived for the Opening Ceremony of the Extraordinary Session of the Council of Ministers of the African Petroleum Producers' Organisation (#APPO) holding in Abuja, Nigeria.

In a welcome remark, Nigeria's Minister of State for Petroleum Resources and the President of the African Petroleum Producers’ Organization (#APPO), H.E. Chief Timipre Sylva, recalled that Nigeria championed the founding of APPO then known as APPA in Lagos in 1987.

Chief Sylva further lauded the move to reposition #APPO which led to the establishment of the Strategy and Implementation Committee which comprised 7 member countries with Nigeria serving as the Team Lead.

Some of the key decisions expected to be taken at today’s meeting include the choice of the host country for APPO Headquarters, selection of a new Secretary-General and the key officers of the #APPO Secretariat, & the recapitalization of the African Energy Investment Corporation.

H.E. President @MBuhari, GCFR represented by Chief Timipre Sylva in declaring open, the Extraordinary Session of the Council of Ministers of #APPO, noted that Nigeria as a founding member of the Organization led the implementation of the Reforms and temporarily provided the HQ.

H.E. President @MBuhari, GCFR name-checked the move to review the ownership structure of the African Energy Investment Corporation (AEICORP) as it shall not be solely owned by sovereign countries of #APPO anymore. It is now to be owned by both sovereign and private investors.

He encouraged #APPO member Countries to make equity subscriptions to AEICORP to ensure consequential investment by Sovereign Wealth Funds, National Oil Companies or any other designated organizations of Existing Members & Non-members of APPO, African/International Private Banks.