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

I don't have any comment on this.

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introvert wetin dat 1 mean nw.. Na ppl lyk u dey use biro book space 4 lecture hall

Bakerinstitute.org?

They should better concentrate on baking cakes and meatpies instead of dishing out fake stories.

Rubbish!

jantofubu:
introvert wetin dat 1 mean nw.. Na ppl lyk u dey use biro book space 4 lecture hall

MzJackBaueress:
Bakerinstitute.org?

They should better concentrate on baking cakes and meatpies instead of dishing out fake stories.

Rubbish!

You just can't even pretend to be literate.

Olodo market woman.

@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.

MzJackBaueress:
Bakerinstitute.org?

They should better concentrate on baking cakes and meatpies instead of dishing out fake stories.

Rubbish!

Heaven will rejoice d day u make a comment dat is free from insult
*waiting anxiously*

Cheap Troll

Story for the gods. This write lacks credibility and intellectual knowledge !!!

sammyj:
Story for the gods. This write lacks credibility and intellectual knowledge !!!

ODE

sammyj:
Story for the gods. This write lacks credibility and intellectual knowledge !!!

Slave

...................................

WombRaiders:


Slave

MzJackBaueress:
Bakerinstitute.org?

They should better concentrate on baking cakes and meatpies instead of dishing out fake stories.

Rubbish!

fool

sammyj:
Story for the gods. This write lacks credibility and intellectual knowledge !!!

fool

4Play:
@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.

fool

12Monkeys:


fool

Oga you dey vex ooh