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Friday, August 7, 2015
In his bid to clean out corruption and fix the mismanagement of Nigeria’s state-run oil company NNPC, President Muhammadu Buhari has brought in an industry outsider to run the company. The new head of NNPC is Emmanuel Ibe Kachikwu, previously executive vice chairman and general counsel for U.S. oil major ExxonMobil.
Kachikwu is said to be a stickler for the rules.
His first act on taking up his new post was to fire a significant amount of senior managers at NNPC.
Fixing how the state runs the oil sector, at the core of which lies NNPC, will be the key to helping Nigeria.
Despite being Africa’s biggest oil producer, years of self-serving politicians taking money with impunity have left the country facing a cash crunch and no substantial savings to fall back upon.
According to a Reuters source at the presidency, Buhari purposely sought out an outsider and requested the records of those in top positions at foreign oil companies.
“His pedigree speaks volumes. His record shows he is a credible person, that is all I can say,” presidential spokesman Femi Adesina said.
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