Saturday, 4 April 2015

Fear Grips NNPC, Other FG-Owned Companies Over Buhari's Presidency

 Anxiety in NNPC, other FG-owned companies over Buhari's presidency

Muhammadu Buhari's victory of the March 28 presidential election is right now causing panic in the NNPC, and other Federal Government-owned firms in the oil/energy sector according to a report by the The Nation Newspaper.

Officials of the firms, many of whom did not anticipate Buhari's emergence, are now under pressure to bring their accounts and oil receipts up to date for presentation to the in-coming government.

"There is panic in the Ministry of Petroleum Resources, the Nigerian National Petroleum Corporation and other subsidiaries on oil receipts,"a source said.
"Already, officials of some of these agencies have been working round the clock to reconcile oil records in order to be able to face the Buhari transition team.
"Some of these agencies might also meet with FIRS to make sure that the records tally. No one expected a Buhari presidency but it has now come. This requires working round the clock to give full account of oil production and revenue."

Another source was qouted to have said:"Feelers indicate that Nigerians would want cogent explanation on the controversial $20 billion.
"So, the development in the oil sector is key to the work of the transition committee."

TheSources also claim that some of the international oil companies are prepared to make their records available to Buhari.

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