![Buhari Dissolves NNPC Board](http://mmsplusng.com/wp-content/uploads/2014/09/NNPC-300x147.jpg)
President Muhammadu Buhari has ordered the immediate dissolution of the board of the Nigerian National Petroleum Corporation, NNPC.
The decision was conveyed in a letter, dated June 26, 2015, signed by the Head of Civil Service of the Federation, Danladi Kifasi.
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The letter quoted President Buhari as thanking members of the dissolved board for their services to the nation.
The NNPC is the state-run oil company which oversees Nigeria’s oil and gas industry. It’s board is statutorily headed by the minister of petroleum resources.
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The corporation regulates the oil and gas sector, and also operates as a joint venture partner representing the government in deals with oil multinationals.
The NNPC has in recent years been accused of large scale corruption, the latest being the alleged disappearance of $20 billion oil money.
An independent audit ordered by the Nigerian government in 2014 concluded that the corporation has an outstanding $1.48 billion to pay to the government.
The NNPC has yet to make the payment several months after the release of the audit report.