Following the oil industry reorganization, President 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 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 $20 billion oil money.
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