Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


GEJ replaces NNPC execs

27 June 2012, 13:03

 Abuja - Nigerian President Goodluck Jonathan is replacing the managing director of state oil company Nigerian National Petroleum Corp (NNPC) and three other senior directors on Tuesday, a presidency statement 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," the statement said.

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.

Oniwon told Reuters in February that corruption in NNPC was "in the imagination of some people".

A parliamentary report in May uncovered a $6.8 billion fraud within the fuel subsidy, which is partly run by NNPC.

The report said NNPC was accountable to no one. It said the company owed the government 704 billion naira (US$4.33 billion) for subsidy violations and that it owed oil traders, including Trafigura, $3.5 billion in unpaid bills.

- Reuters


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...