Just In: President Buhari Dissolves NNPC Board

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.