Recover Stolen oil Money, Buhari tasks New NNPC Boss

Dr. Emmanuel Ibe Kachikwu, the Executive Vice Chairman/General Counsel of ExxonMobil (Africa), and newly appointed Group Managing Director (GMD), of the NNPC has been asked to recover stolen oil money a priority, among other targets.

The Nation reports the President gave Dr. Emmanuel Ibe Kachikwu six terms of reference to reshape the corporation. They are to:

1. Clean up the NNPC system of corrupt elements;
2. Recover all stolen crude oil funds;
3. Work with the Economic and Financial Crimes Commission (EFCC) and the Directorate of State Service (DSS) to trace and recover  stolen oil cash;
4. Review the structure of the NNPC to compete globally;
5. Giving targets to all subsidiaries and put in place performance benchmarks; and
6. Fix all refineries, which must work at optimal level, “even if it means using expatriates in the interim”.
A source said:

“The new GMD of NNPC was picked after a thorough search by the President. Actually, at the end of the search, the choice was narrowed down to four candidates.

“The President opted for Kachikwu who is the Vice President of Exxon Mobil, not only in Nigeria but in Africa. Buhari was impressed by his impeccable credentials as the most senior black African in any multi-national oil firm in the world with 30 years experience.

“Apart from being a First Class graduate, Kachikwu also obtained PhD in Law which enabled him to rise to company secretary in Exxon Mobil.”

But it was not easy for the President to convince Kachikwu to accept the job because he was afraid that he might be messed up like other Nigerians, a source said.

“In their negotiation, President Buhari repeatedly said: ‘I won’t interfere with your work; I will give you a free hand because I want to reform this oil sector once and for all.’ The GMD accepted the job following what he realized as “the infectious patriotism and genuine intention of the President,: the source said.

The Group General Manager, Group Public Affairs Division, Mr. Ohi Alegbe, in a statement, said the new helmsman expressed gratitude to his predecessor, Dr. Joseph T. Dawha, for holding the Corporation. He pledged to work assiduously in achieving the President’s growth aspiration for the oil and gas industry.

“ExxonMobil Upstream affiliates in Nigeria congratulate our Vice-Chairman and General Counsel, Dr. Emmanuel Kachikwu, on this opportunity to serve Nigeria as Group Managing Director of the Nigeria National Petroleum Corporation (NNPC). We thank Dr. Kachikwu for his many contributions to ExxonMobil Nigeria, and wish him well in his new role.”