The incoming Muhammadu Buhari administration will
replace the top management of the Nigerian National
Petroleum Corporation (NNPC), Reuters news agency
reported.
It will also 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.
Buhari owes his March 28 victory against Goodluck
Jonathan partly to a perception that Jonathan allowed
corruption to get out of control - especially in the oil
sector.
Source: Reuters
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