President Muhammadu Buhari has dissolved the Board of the Nigerian National Petroleum Corporation with immediate effect.
The announcement was made in a statement by the Director Communications, Office of Head of Civil Service of the Federation, Alhaji Haruna Imrana, on behalf of the HoS, Mr. Danladi Kifasi.
“The directive to that effect was conveyed in a letter signed yesterday (Friday) June 26, 2015 by the Head of the Civil Service of the Federation, Danladi Kifasi.
In it, the President thanked members of the dissolved board for their services to the nation,” he said.
The NNPC is the state-run oil company which oversees Nigeria’s oil and gas industry. It’s board is statutorily headed by the minister of petroleum resources.
The corporation regulates the oil and gas sector, and also operates as a joint venture partner representing the government in deals with oil multinationals.
The NNPC has in recent years been accused of large scale corruption, the latest being the alleged disappearance of $20 billion oil money.
An independent audit ordered by the Nigerian government in 2014 concluded that the corporation has an outstanding $1.48 billion to pay to the government.
The NNPC has yet to make the payment several months after the release of the audit report.
The audit was sequel to the complaint forwarded to former President Goodluck Jonathan by the former Central Bank Governor Sanusi Lamido Sanusi. His report was followed up by a letter signed by Deputy Governor, Corporate Services, Suleiman Barau and addressed to the Senate Committee on Public Account with ref: NASS/S/CPAC/017 dated 19th November, 2013 called attention to unremitted oil money amounting to $49.8 billion by the Nigerian National Petroleum Corporation (NNPC).