December 16, 2017

In Hunt for Missing Billions, Buhari Targets Nigeria Company – Bloomberg Business

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As oil minister during military rule in the 1970s, Muhammadu Buhari oversaw the birth of the Nigerian National Petroleum Corp. Now, as democratically elected president, he intends to break up the opaque bureaucracy, which manages the oil assets of Africa’s biggest crude producer, to ensure taxpayers get their fair share. History isn’t on his side. “No Nigerian leader, including Buhari himself from the 1980s, has managed to sanitize the oil sector,” said Philippe de Pontet, head of the Africa practice at the Eurasia Group in New York. “Buhari’s challenge is not only to depoliticize NNPC but to disentangle its vested…

Buhari’s War On Corruption: Nigeria Petroleum Minister Appointment Vital To Overhaul Corrupt Oil Industry

After assuming office in May, Nigerian President Muhammadu Buhari vowed to wage war on corruption in Nigeria’s opaque petroleum sector, and the newly elected leader has taken some steps to keep his promise. Most recently, Buhari announced a new managing director to run Nigeria’s state oil company, sacked its eight executive directors and dissolved the entire corporate board. But Buhari’s administration still lacks a petroleum minster, one of the most powerful members of the presidential Cabinet. The vacancy could hinder Buhari’s efforts to drive out graft in oil-dependent Nigeria, as his government struggles to recover billions of dollars stolen by oil officials from the nation’s…

Exclusive: Buhari advised to overhaul Nigerian oil sector, increase debt| Reuters

President Muhammad Buhari attends the National Working Committee during the meeting of the All Progressives Congress (APC) party at the headquarters of the party in Abuja, Nigeria July 3, 2015 REUTERS/Afolabi Sotunde

Advisors to Nigerian President Muhammadu Buhari have recommended a root and branch overhaul of Africa’s biggest oil industry and increased borrowing to help pay off $20 billion of government arrears, a reform proposal document shows. Buhari, who won a shock election victory in March, has so far given little indication of his policy agenda as he has focused on his main election pledges of tackling corruption and a six-year insurgency by Islamist sect Boko Haram. A ‘transition committee’ set up by Buhari in April submitted 800 pages of policy recommendations to the president last month but the details were not…

Analysts: Nigerian Oil Shake-Up Shows Buhari Serious About Reform

On the campaign trail, newly-elected Nigerian President Muhammadu Buhari vowed to stamp out corruption in Nigeria. To do that, analysts say he must reform the state-owned Nigerian National Petroleum Corporation or NNPC, which has long been dogged by allegations of waste and graft. Buhari showed he was serious late last month by firing the NNPC’s board. Dolapo Oni, head of energy research at Ecobank, said that move effectively put him in control of the company. “I think he has direct access to information from within them and possibly can also, to some extent, micromanage the administration of the NNPC himself,”…

Nigeria Under Buhari Will Be More Effective in OPEC | Naija247news

Buhari Election

The Federal Government under the administration of President Muhammadu Buhari has pledged its commitment to playing more proactive and effective roles in the affairs of the Organization of the Petroleum Exporting Countries, OPEC. Speaking in Vienna, Austria at the ongoing OPEC International Seminar, Head of Nigeria’s Delegation to the 167th OPEC Meeting Dr. Jamila Shu’ara stated that Nigeria under the leadership of Muhammadu Buhari, a one-time Minister of Petroleum Resources and Head of Nigeria’s Delegation to the OPEC Conference, will continue to work for the realization of the aims and objectives of the organization. Dr. Shu’ara’s remark was followed by an…

APC’s manifesto on Infrastructure and Oil & Gas

Buhari Election

Buhari secures historic election victory in Nigeria Infrastructure and Oil and Gas On Infrastructure we will: Review the Public Private Partnership (PPP) enabling environment with a view to addressing the legal, regulatory and operational bottlenecks, challenging the effective administration of the system, by introducing enabling legislation. In addition, We will create a National Infrastructural Development Bank to provide loans at nominal interest rates, exclusively for this sector; Generate, transmit and distribute electricity on a 24/7 basis whilst simultaneously ensuring the development of sustainable/renewable energy, by 2019. Embark on a National Infrastructural Development Programme as a Public Private Partnership that will…