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Nairaland Forum / Nairaland / General / Politics / Buhari's Legacy As Minister Of Petroluem (968 Views)
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Buhari's Legacy As Minister Of Petroluem by Nobody: 7:13am On Jun 16, 2015 |
Despite its relative autonomy in those early years, NNPC was hopelessly inept. In the wake of allegations of massive fraud, including an improper withdrawal of more than $4b from the corporation’s accounts in the late 1970s, the newly elected President Shehu Shagari (1979-83) in March 1980 instituted a tribunal to probe allegations. NNPC’s oversight and regulatory role over the industry was virtually non-existent, due to a combination of low capacity, sheer inaction, and simply a proclivity of the corporation to break the law. Agreements with IOCs lay around for years without ratification, and the IOCs often acted as if the corporation never existed. NNPC’s accounting system was an unmitigated shambles; the corporation had never prepared and submitted audited accounts. The industry under NNPC up to 1980 was so dismal that the tribunal— even with its full judicial powers to subpoena witnesses and information —could not reconcile crude oil production and sales figures from the various arms of government. The panel recommended the pruning of the power of NNPC and the streamlining of its operation for increased efficiency. The limitation of the panel is underlined by the tribunal’s failure to summon Generals Obasanjo and Muhammadu Buhari, who as national ruler, and oil minister NNPC chairman respectively “supervised the NNPC and controlled oil sales during the period in question. http://bakerinstitute.org/media/files/page/9b067dc6/noc_nnpc_ugo.pdf |
Re: Buhari's Legacy As Minister Of Petroluem by INTROVERT(f): 7:14am On Jun 16, 2015 |
I don't have any comment on this. ![]() |
Re: Buhari's Legacy As Minister Of Petroluem by mormoni(m): 7:14am On Jun 16, 2015 |
. |
Re: Buhari's Legacy As Minister Of Petroluem by jantofubu(m): 7:15am On Jun 16, 2015 |
introvert wetin dat 1 mean nw.. Na ppl lyk u dey use biro book space 4 lecture hall |
Re: Buhari's Legacy As Minister Of Petroluem by MzJackBaueress(f): 7:15am On Jun 16, 2015 |
Bakerinstitute.org? They should better concentrate on baking cakes and meatpies instead of dishing out fake stories. Rubbish! 8 Likes 1 Share |
Re: Buhari's Legacy As Minister Of Petroluem by INTROVERT(f): 7:18am On Jun 16, 2015 |
Re: Buhari's Legacy As Minister Of Petroluem by Nobody: 9:07am On Jun 16, 2015 |
MzJackBaueress: You just can't even pretend to be literate. Olodo market woman. 1 Like 1 Share |
Re: Buhari's Legacy As Minister Of Petroluem by 4Play(m): 9:37am On Jun 16, 2015 |
@OP You are so fraudulent. You purposely took out the bit that said that Shagari's panel investigating an alleged $4bn scam by the NNPC in the late 70s found the allegation baseless. The report did conclude that the NNPC was inept, which is my key worry about Buhari, but you don't have to mislead people to make your point. 1 Like |
Re: Buhari's Legacy As Minister Of Petroluem by Nobody: 9:40am On Jun 16, 2015 |
MzJackBaueress:Heaven will rejoice d day u make a comment dat is free from insult *waiting anxiously* 1 Like 1 Share |
Re: Buhari's Legacy As Minister Of Petroluem by chamboy(m): 9:41am On Jun 16, 2015 |
Cheap Troll |
Re: Buhari's Legacy As Minister Of Petroluem by sammyj: 10:51am On Jun 16, 2015 |
Story for the gods. This write lacks credibility and intellectual knowledge !!! ![]() ![]() |
Re: Buhari's Legacy As Minister Of Petroluem by Nobody: 11:02am On Jun 16, 2015 |
sammyj: ODE |
Re: Buhari's Legacy As Minister Of Petroluem by Nobody: 11:02am On Jun 16, 2015 |
sammyj: Slave |
Re: Buhari's Legacy As Minister Of Petroluem by sammyj: 11:13am On Jun 16, 2015 |
Re: Buhari's Legacy As Minister Of Petroluem by 12Monkeys: 12:52am On Sep 12, 2016 |
MzJackBaueress: fool |
Re: Buhari's Legacy As Minister Of Petroluem by 12Monkeys: 12:52am On Sep 12, 2016 |
sammyj: fool |
Re: Buhari's Legacy As Minister Of Petroluem by 12Monkeys: 12:53am On Sep 12, 2016 |
4Play: fool |
Re: Buhari's Legacy As Minister Of Petroluem by Boleyndynasty2(f): 7:17am On Sep 12, 2016 |
(1) (Reply)
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