NNPC Boss Assigns GGM Crude oil Marketing

Following recurrent probe of the Nigerian National Petroleum Corporation, the new Group Managing Director, Dr. Emmanuel Kachikwu has redeployed the group General manager, Crude Oil Marketing Division, Mr Gbenga Komolafe.

Mr Musa Usman was thus appointed the Group General Managing in acting capacity.

The marketing division has over time been criticized as the hub of corruption, wasting lot of billions of dollars in revenue.

The international watchdog said in one of its latest reports that the NNPC’s approach to oil sales was suffering from high corruption risks, which it described as responsible for the country’s failure to maximise returns in the oil sector.

 The NNPC receives about one million barrels of oil per day, or almost half of the country’s total production, part of which is sold to its subsidiary, Pipelines and Product Marketing Company, for the country’s refineries, while a larger volume is sold to traders.

The NRGI stated in the 73-page report, “Nigeria is the only major, stable world oil producer that sells crude mostly to traders rather than end-users. The NNPC enters into term contracts with unqualified intermediaries that capture margins for themselves and create reputational risks for legitimate market players, while adding little or no value to deals.”
Source:punchng