BREAKING: Buhari dissolves NNPC board

BREAKING: Buhari
dissolves NNPC board

image

President Muhammadu
Buhari has ordered the
immediate dissolution of the
board of the Nigerian
National Petroleum
Corporation, NNPC.
The decision was conveyed in
a letter, dated June 26, 2015,
signed by the Head of Civil
Service of the Federation,
Danladi Kifasi.
The letter quoted President
Buhari as thanking members
of the dissolved board for
their services to the nation.
The NNPC is the state-run oil
company which oversees
Nigeria’s oil and gas
industry. It’s board is
statutorily headed by the
minister of petroleum
resources.
The corporation regulates the
oil and gas sector, and also
operate as a joint venture
partner representing the
government in deals with oil
multinationals.
The NNPC has in recent years
been accused of large scale
corruption, the latest being
the alleged disappearance of
$20 billion oil money.
An independent audit
ordered by the Nigerian
government in 2014
concluded that the
corporation has an
outstanding $1.48 billion it
should pay to the
government.
The NNPC has yet to make the
payment several months after
the release of the audit
report.

Newsweb Express

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