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.
PREMIUM TIMES report continues:
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 operates 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 US$20 billion oil money.
An independent audit
ordered by the Nigerian government in 2014 concluded that the corporation has
an outstanding US$1.48 billion to pay to the government.
The NNPC has yet to make
the payment several months after the release of the audit report.
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