26.6.15

NEWS  |  Nigeria's President Dissolves State Oil Company Board  |  Rigzone

NEWS  |  Nigeria's President Dissolves State Oil Company Board  |  Rigzone: "Nigeria's new President Muhammadu Buhari dissolved the board of the state-owned Nigerian National Petroleum Corporation (NNPC) on Friday as a first step to cleaning up the oil industry in Africa's biggest economy.

Inaugurated on May 29, Buhari came into power on an anti-corruption platform and a pledge to make the oil sector more transparent. Oil represents 80 percent of the government's revenues but the slide in crude prices since last year has left it struggling to pay its bills.

"The president has said he will clean up the oil sector. That is the beginning of the clean up," Buhari's spokesman, Femi Adesina, said.

The government may be losing money through opaque contracts in which crude oil worth billions of dollars is given to traders in exchange for refined imports, mainly gasoline, international and domestic watchdogs have said."



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