Nigeria’s President Muhammadu Buhari has named a new chief of the
state-run oil company Nigerian National Petroleum Corporation (NNPC)
weeks after he sacked the whole board. As part of an anti-corruption
campaign he undertook since he took office in May, the leader also
banned 113 vessels from lifting crude oil from some 27 Nigerian ports
amid suspicions the vessels had been implicated in illicit activities.
Emmanuel Ibe Kachikwu, a lawyer with 30-year-experience in energy,
was appointed as NNPC group managing director for the next five years.
The announcement was made by Buhari’s spokesman Femi Adesin, who also
named other members of the new board. “I am excited to be taking up this
challenge,” Kachikwu was quoted as saying in a NNPC statement.
“Being in a position to manage the most important natural resource in
Nigeria is a source of pride and responsibility for the NNPC and I am
committed to taking this forward and helping the NNPC achieve its
potential as a globally competitive national oil company,” the statement
continued.
Kachikwu’s appointment came as Buhari announced his government is
working to identify banks and countries where funds he alleged were
stolen during previous administrations had been lodged. In a speech
delivered in the capital Abuja as members of the US congress were
visiting, he said the international community is providing Nigeria with
valuable information in order to locate the funds. Information also
includes names of ships that allegedly take crude oil from Nigeria and
change direction, or pour their contents into other ships after they
leave the nation.
Nigeria is Africa’s biggest oil producer, but its lack of refineries –
at present there are four and of these only three resumed production in
July after months of inactivity – mean the country has to export about
90% of its crude oil and import petroleum products.
The country then sells fuel to Nigerians at subsidised prices and
reimburses the difference to importers. This practice has been condemned
by many, with some arguing that it coud save the government billions of
naira every year, that could be invested into public services. Others
have pointed out that oil destined for Nigeria is sold to other
countries at higher prices.
NNPC has been marred by scandals linked to stolen revenues. In 2013,
the head of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, was
suspended after he claimed that $20bn (£13bn) of oil revenue “went
missing” from NNPC.
In a letter to former president Goodluck Jonathan, Sanusi said: “I am
constrained to formally write your excellency, documenting serious
concerns of the CBN on the continued failure of the NNPC to repatriate
significant proportions of the proceeds of crude oil shipments it made
in gross violation of the law.”
The allegations triggered an investigation into NNPC books. According
to the audit, released in April, NNPC overpaid the state by almost
$750m, but still had to pay an additional $1.5bn.
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