Dissolution Of NNPC Board, Long Overdue, Timely – CISLAC | Independent Newspapers Limited
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Dissolution Of NNPC Board, Long Overdue, Timely – CISLAC

Posted: Jun 30, 2015 at 1:00 am   /   by   /   comments (0)

By Tunde Opeseitan,  Lagos


The Civil Society Legislative Advocacy Centre (CISLAC) on Monday welcomed the Federal Government’s decision to dissolve the Board of the Nigeria National Petroleum Corporation (NNPC), insisting that it was not only long overdue and very timely, but also a step in the right direction.

CISLAC, in a statement by its Executive Director, Auwal Ibrahim Musa, stressed that no meaningful reforms of the oil and gas sector could take place with the same Board under which most of the breaches occurred.

The group argued that a Board under which monumental frauds in fuel subsidy management, non remittance of monies due to the federation account, controversial crude for oil swaps and collapse or sabotage of refineries occurred, deserved not to remain.

CISLAC pointed out that the scandal that trailed the notorious forensic audit by Price WatersHouse Coopers could largely be traced to having conducted the audit with the dissolved NNPC Board in place.

CISLAC alleged that the NNPC and its subsidiary, Department of Petroleum Resources (DPR) remained the major brick walls in the implementation of the Nigeria Extractive Industries Transparency Initiative (NEITI) process in Nigeria, especially on matters of remediation and implementation of recommendation of the independent auditors.

The sad development, according to CISLAC, had ensured that for about 10 years after, the country recorded very limited progress in that sector.

“We call on the president not to stop at the dissolution of the Board but to make this the beginning of sweeping reforms to restructure and overhaul not just the NNPC but the entire extractive resources and revenue managing architecture of the nation.