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Kachikwu’s Leaked Memo Revives NNPC Scandal

leaked memo from Nigeria’s Minister of State for Petroleum has shown that irregularities in the state-owned oil giant remain entrenched, despite official vows to root out the “cancer” of graft. Emmanuel Ibe Kachikwu wrote to President Muhammadu Buhari to report on questionable practices in the state-owned Nigerian National Petroleum Corporation (NNPC). Five NNPC contracts, with a total value of $25 billion, “were never reviewed by or discussed with the board,” according to the letter published in local media. “There are many more, your excellency,” it added. The NNPC is saddled with the reputation of being the historical slush fund of the country’s governments, whether democratically elected or military. The company, working in joint ventures with foreign oil majors, accounts for more than half of Nigeria’s daily oil production of about two million barrels per day, estimates Benjamin Auge, a researcher associated with a French think-tank, the French Institute of International Relations (IFRI). Read More On Channels Television

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