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New head of state-run oil company named

04 August 2015, 21:35

Abuja - President Muhammadu Buhari has appointed a new head of the country's corruption-hit state oil company, his spokesman said on Tuesday, weeks after after sacking the entire board.

Buhari took office on May 29 and axed Nigerian National Petroleum Company (NNPC) chief Joseph Thlama Dawha and his directors less than a month later after vowing to tackle what he has called "the evil of corruption".

Also read: EFCC interrogates NAFDAC DG

Emmanuel Ibe Kachikwu's appointment as NNPC group managing director was announced in a statement from Buhari's spokesman Femi Adesina, which also listed other changes at the top of the state-run company.

No reason was given for Dawha's removal after just 10 months in the job, but changes at the much-criticised NNPC have become routine and observers believe the move may have been a prelude to an in-depth probe of its activities.

Kachikwu, a former executive vice-chairman of Exxon-Mobil Africa from the coastal Delta State, has a doctorate from the prestigious Harvard Law School and has spent much of his career in the oil industry, according to the statement.

Nigeria is Africa's largest oil producer, churning out roughly two billion barrels of crude per day.

Ordinary people have largely not benefited from the nation's oil wealth, however, with much of the revenue lost to graft.

The NNPC is regarded as one of the world's most opaque and corrupt publicly-controlled oil firms and has been linked to the massive theft of vast crude revenues.



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