A few hours after the announcement of his appointment as new Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Kachikwu, moved into the expansive office of the corporation to assume duty.
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In a similar development, Buhari had also approved the appointment of Prof.
Danbatta takes over from Eugene Juwah whose tenure expired on July 29, 2015.
In addition to Bachelor’s and Master’s degrees in Electronic Engineering and Telecommunications, the new NCC boss, Danbatta, holds a Doctoral degree in Electronic Engineering.
He is a Fellow of the Nigerian Society of Engineers and had meritorious career in which he rose to become Professor of Electrical Engineering and Electronics at Bayero University, Kano.
Danbatta’s appointment is for five years in the first instance. “Buhari understands the system and he is the man for the job”.
The NNPC should end the practice of allocating about 445,000 barrels of oil a day to Nigeria’s four domestic refineries, which process less than a quarter of that total. It is also the regulator for the oil sector in Africa’s biggest economy, which provides the government with around 70 percent of its revenue.
The National Resource Governance Institute said it sent couriered letters, faxes and e-mails to the NNPC and several of its subsidiaries, informing them of the report and asking detailed questions. Their investigation unveiled the over $32 billion in oil revenue that Nigeria lost due to the money laundering and mismanagement of crude in the NNPC.
Some of these makeshift practices began with credible goals, the report said.
Nigeria is one of the world’s only major oil producers that sells most of its crude to traders rather than end users, according to the report, which recommends the NNPC stops selling to small, unqualified “briefcase companies”.
This is aside the fact that NNPC channelled Nigeria’s precious crude – worth $35 billion – to swap deals between 2010 and 2014, the recent OPAs containing unbalanced terms that did not efficiently serve Nigeria’s needs and interest.
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“The head of the board is the minister of petroleum, and there hasn’t been one since May 29”.
