A Review of the Nigerian Energy Industry

President Buhari recommits to trial of those who looted NNPC

*President Muhammadu Buhari.
*President Muhammadu Buhari.

27 September 2015, New York – President Muhammadu Buhari has restated the commitment of his administration to rid Nigeria’s oil and gas industry of corruption, noting that the trial of those found to have looted the Nigerian National Petroleum Corporation, NNPC, will soon commence.

he made the disclosure while speaking at a meeting with President Xi Jinping of China on the sidelines of the 70th General Assembly of the United Nations.

President Buhari said that a necessary first step in this direction had already been taken with the appointment of a new management for the NNPC, adding that subsequent reorganisation was underway.

He said the trial and prosecution of those who misappropriated NNPC’s revenue under past administrations will soon commence.

The President also lauded China’s interception of shiploads of crude oil stolen from Nigeria and which would have been sold and proceeds paid into private accounts.

“We know your stand on corruption, and we are grateful. Your continued cooperation in curbing oil theft from Nigeria will be appreciated,” President Buhari told the Chinese president.

The Nigerian leader also assured President Xi Jinping that under his leadership, the Nigerian military is undergoing a retraining and re-equipping exercise, while also making steady gains against Boko Haram.

In his response, the Chinese leader said that China, which is already involved in diverse business pursuits in Nigeria including railway, airports renovation, agriculture and in the Mambilla Hydro-power project, among others, will increase its investment in the country’s agricultural sector to support the achievement of domestic food security.

President Xi Jinping also promised further Chinese investment in Nigeria’s oil and gas industry, and more support for human capital development in the country.

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