Nigeria’s National Oil Company Gets New Head

04 Aug 2015
Financial Nigeria

Summary

Mr. Kachikwu, who holds a Masters degree and a doctorate from Harvard, was the Executive Vice Chairman and General Counsel of Exxon-Mobil (Africa).

Nigerian National Petroleum Corporation Headquarters, Abuja

President Muhammadu Buhari has appointed Emmanuel Kachikwu as the new Group Managing Director of Nigeria’s national oil company, Nigerian National Petroleum Corporation (NNPC).

Mr. Kachikwu, who holds a Masters degree and a doctorate from Harvard, was the Executive Vice Chairman and General Counsel of Exxon-Mobil (Africa).

Mr. Kachikwu, who hails from Nigeria’s oil-rich Delta State, has working experience with Nigerian/American Merchant Bank and Texaco Nigeria Limited, before he joined Exxon-Mobil.

The NNPC has been a reform target for years. Some of the reforms included its dismemberment and privatisation of some of its operations.

While President Buhari has been keen to rein in the culture of corruption at NNPC, it is not certain what direction his overall reform plan will take. Apart from this uncertainty, Mr. Kachikwu will lead NNPC at a time the medium term outlook of the oil market is bleak, with the Nigerian-grade Brent crude trading at six-month low of $49.50 per barrel yesterday.


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