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Monday, October 9, 2017
Kachikwu Writes Letter to Buhari on NNPC
In a letter to Nigerian president Muhammadu Buhari the country’s oil minister, Emmanuel Kachikwu, discussed an estimated $24 billion in oil contracts that were never discussed with him or the firm’s board, according to Bloomberg.
Kachikwu said in the letter that during his tenor to date as head of NNPC, Group Managing Director Maikanti Baru has not submitted any contracts to the board for approval. Under Nigerian law all contracts over $20 million need to be reviewed and approved by the board of NNPC.
“The communication under reference is a normal procedural correspondence by the Minister to the president relating to developments in parastatals under his supervision,” the Ministry said in an emailed statement, without giving any further information.
This is not the first time the state-run firm has been accused of lack of transparency and corruption. In a statement this morning said that the allegations made by the oil minister were baseless.
The Nigerian National Petroleum Corporation, in an emailed statement, said “due process has been followed in the various activities” outlined in the letter.
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