Nigeria oil JVs to control budgets

Nigerian President Muhammadu Buhari has taken his first steps towards overhauling the troubled state oil firm by giving its exploration joint ventures control over their own budgets as a way to overcome chronic cash shortages, reports Reuters Africa. Corruption and mismanagement at the Nigerian National Petroleum Corporation have hampered an industry that provides 70 percent of state income. NNPC has been accused of failing to account for tens of billions of dollars, while no new exploration blocks have been sold since 2007. To speed up an often glacial decision making process at NNPC, Buhari has given the green light to revamping several joint ventures involving its poorly managed production and exploration arm, according to a letter by NNPC head Emmanuel Kachikwu signed by Buhari.

Source: Reuters Africa

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About the Author

About the Author: Eugene Obiero is the founder of The Africa Resources Post and its predecessor The East African Energy Blog. Eugene has been writing and blogging on energy and extractives in Africa since June 2012. He is based in Nairobi, Kenya and works for Camco Clean Energy (http://www.camcocleanenergy.com/ ) as Senior Manager Africa Projects. He specializes in market entry strategy, research, financial advisory and project management. Eugene has an MBA from The Warwick Business School, University of Warwick (UK). The posts on this blogsite are Eugene's and do not necessary reflect the thinking of his employer, Camco Clean Energy. .

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