Strong men in NNPC to be sacked after Buhari probed accounts

The incoming Muhammadu Buhari led administration poise to replace the top management of the Nigerian National Petroleum Corporation (NNPC), Reuters news agency reported.

It is also poised to review the accounts of the oil company to restore credibility, according to sources within Buhari’s party, the All Progressives Congress (APC).

It said the new government will submit a bill to break the NNPC into four entities, as already prescribed in the latest PIB draft.

One APC source told Reuters that the Bill “will also, crucially, remove the minister of petroleum from the NNPC’s board of directors to curb political interference.”
Others said more generally that the minister’s current powers would be heavily trimmed.

Oil and gas will have separate companies for upstream, with a third covering pipelines and refining, while a fourth will be an inspectorate.

The NNPC Management is made up of Group Managing Director Dr. Joseph T. Dawha; Group Executive Director, Finance & Accounts Mr. Bernard O.N. Otti; Group Executive Director, Corporate Services Dr. Dan Efebo, and Member, Alhaji Abdullahi Bukar, who make up the Board.

The Board is chaired by petroleum minister Mrs. Diezani Alison-Madueke and members are Mr. Danladi Wadzani, Prof. Olusegun Okunnu; Mr. Danladi Kifasi, Mr. Steven Oronsaye, and Mr. Ikechukwu Oguine, Coordinator, Legal Services/Secretary to the Corporation.

Reuters said oil firms keen to know how the new government plans to tax them could be waiting for a long time as the President-elect makes ending corruption and reforming the opaque national oil company his most urgent sector priority.
Four party sources in the APC told Reuters the issue of fiscal terms, seen as crucial by the industry, will have to wait on current thinking about oil and gas policies in Nigeria.

Crude output has stagnated close to 2m barrels per day, owing partly to under-investment.

“We need to address the structural issues and leave the fiscal for now,” Senator Bukola Saraki, told Reuters.

“A more transparent NNPC is needed with reasonable accounting,” he added.