President Buhari dissolves NNPC board

NNPC Towers

NNPC Towers

26 June 2015, Sweetcrude, Abuja – 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 Friday June 26, 2015 and signed by Danladi Kifasi, the Head of Civil Service of the Federation.

President Buhari thanked members of the dissolved board for their services to the nation.

The NNPC board is statutorily headed by the minister of petroleum resources.

The corporation has several small business units operating in the oil and gas sector, and also operate as a joint venture partner representing the government interest in ongoing partnerships with the international oil companies.

The NNPC is enmeshed in large scale corruption allegations including failure to remit oil revenue receipts leading up to the disappearance of $20 billion; a fraudulent crude oil swap regime; mismanagement of Kerosene allocation; inability to manage the petroleum refineries etc.

In a vain effort to clear her name and that of the corporation, Diezani Alison Madueke, the erstwhile minister of petroleum initiated an independent audit but even that effort concluded that the corporation has an outstanding $1.48 billion to remit to the government.

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