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FG replaces executive board of NNPC

by Business News Report

President Goodluck Jonathan in continuation of shake up in his government has replaced the managing director of Nigerian National Petroleum Corp (NNPC) and three other senior directors, a presidency statement said. The statement from the Presidency said “To further strengthen the ongoing reforms and in furtherance of efforts to achieve greater transparency and accountability President Jonathan has approved the re-composition of the executive management team of the NNPC”. Jonathan has come under intense pressure to clean up Africa’s biggest energy sector after public anger over corruption and waste of the country’s oil wealth surfaced during January protests over fuel prices. The incumbent Managing Director Austen Oniwon, the Finance and Accounts Director Michael Arokodare, Refining Director Philip Chukwu and Engineering Director Billy Agha have all been retired, the presidency statement said. Oil Minister Diezani Alison-Madueke has overall control over Nigeria’s energy industry and the NNPC.
Oniwon will be replaced by Andrew Yakubu, a chemical engineer who has held several positions at NNPC, including executive director of exploration and production, the statement said. Numerous reports and audits have said that corruption is rife within NNPC. Last year, Transparency International and Revenue Watch ranked NNPC as the least transparent oil company in the world.

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