Buhari appoints new head of Nigerian National Petroleum Corporation.

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.