Operation block all avenues and routes where Nigeria’s crude oil money is escaping from has commenced.
The restructuring of NNPC has continued as the firm’s Group Managing Director, Dr. Emmanuel Kachikwu, on Friday redeployed the GGM, Crude Oil Marketing Division, Mr. Gbenga Komolafe.
According to NNPC, Komolafe is to now serve as the GGM, Special Duties. Know what that means?
Special Duties in government office simply means no duties, those who truly know government can tell.
The crude oil marketing division of the NNPC has been criticised by industry observers as one of the most corrupt arms of the corporation.
On Tuesday, the New York-based Natural Resources Governance Initiative canvassed the need to overhaul the management of the country’s oil sales by the NNPC.
It also advised President Muhammadu Buhari to clean up the system to stem waste and loss of billions of dollars in revenue.
The watchdog said in one of its latest reports that the NNPC’s approach to oil sales was suffering from high corruption risks, which it described as responsible for Nigeria’s failure to maximise returns.
The authors of the NRGI report, led by Aaron Sayne, said, “We find that the management of NNPC’s oil sales has worsened in recent years, and particularly since 2010. The largest problems stem from the rising number of ad hoc, makeshift practices the corporation has introduced to work around its deeper structural problems.”
The NRGI stated in the 73-page report, “Nigeria is the only major, stable world oil producer that sells crude mostly to traders rather than end-users. The NNPC enters into term contracts with unqualified intermediaries that capture margins for themselves and create reputational risks for legitimate market players, while adding little or no value to deals.”
NNPC receives about one million barrels of oil per day, half of the country’s total production, part of which is sold to its subsidiary and traders, without any clear monitoring tactics.