Dr. Ibe Kachikwu’s first 40 days in office as Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) has gone by in a flash. News reports suggest he is on the Ministerial list submitted by the President to the Senate. Whilst we await the announcement of the Junior Minister for Petroleum Resources – the President has indicated that he will be the Minister and will appoint a junior minister to report to him – we thought we would review Kachikwu’s first 40 days in office to see what he has done and whether we can discern from that where he is headed. Immediately his appointment was announced, the former General Counsel and Executive Vice Chairman of ExxonMobil wasted no time swinging into action prompting references among his staff to a tsunami sweeping NNPC. With no Minister of Petroleum so far to report to and a seemingly unfettered discretion given by his boss, President Buhari, an acknowledged master of the art of delegation, Kachikwu seems unstoppable as he works to plug the leaks in revenue. Kachikwu is working hard to dismantle...Read More
Only months into his presidency, Muhammadu Buhari has shown that he intends to fast-track the implementation of the recommendations of the United Nations Environmental Programme Report (UNEP) report on the devastation that has been wreaked on Ogoniland in the Niger Delta. To kickstart the process, Buhari has approved the amendment of the official gazette establishing the Hydrocarbon Pollution Restoration Project (HYPREP) to reflect a new governance framework comprising. The new framework includes a Governing Council, a Board of Trustees for the HYPREP Trust Fund and a Project Management Team. The HYPREP Governing Council will be made up of representatives of the Ministry of Petroleum Resources, Federal Ministry of Environment, impacted States, oil companies, Ogoniland, the United Nations and the Nigerian National Petroleum Corporation. A contribution of $10 million (N2 billion) will be made by stakeholders within 30 days of the appointment of members of the Board of Trustees for the Trust Fund. The Board will be responsible for the collection of and management of funds from donors. The environmental clean-up of Ogoniland is expected to commence in earnest when the President...Read More
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NOGintelligence is a weekly e-newsletter providing the oil and gas and the wider financial community with actionable intelligence, news and data on the Nigerian petroleum industry. With a database of over 20,000 top level executives from the world's leading oil and gas companies, investment banks, law firms, private equity firms, hedge funds, family offices and other corporations with an interest in Nigeria and Africa, NOGintelligence is set to become Nigeria's most internationally widely circulated oil and gas journal.