Proshare Logo
   Market Date: 28-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Diezani’s task force and concerns arising on Abba Gana?

Category: Oil Sector

  Read (3322)
Diezani’s task force and concerns arising on Abba Gana?

January 23, 2012


The planned reform and transformation of the petroleum industry got underway on January 20, 2012 in Abuja when the Honourable Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke set up three ‘special task force’ on  


(1) Governance and Controls in the Nigerian National Petroleum Corporation (NNPC) and other parastatals under the ministry.

(2) PIB Special Task Force, which will work with

(3) The Technical Committee – charged with reviewing all versions of the bill and producing a draft within the next thirty working days.


The decision to set up these committees was taken as a consequence of the nationwide revulsion at what had become of the nations cash-cow – the oil sector. The decision to act has been well received by a sceptical nation who remains doubtful of our history of ad-hoc committees, panels and task forces – the outcomes of which are never implemented.


Thus there is a keen interest in the work of these committees and the eventual outcomes. It is light of this that concerns now exist on the propriety of including Alhaji Abba Gana in the technical committee. While his experience and competence cannot be questioned, the Justice Nkop Tribunal report on the investigations into the AP/NNPC/PPMC saga of 2003 raises serious concerns that would appear incongruent with the objectives laid out for the three committees.


Read the Report Here: Oil Sector Corruption – The AP/NNPC Saga Revisited (2003)


Specifically the aim of the special task force on Governance and Controls is to ensure transparency and accountability in the sector. The 11-man task force is headed by Mr. Adedotun Sulaiman.


This task force is charged with the responsibility of: Reviewing all management controls in the NNPC and other parastatals; designing a new corporate governance code for ensuring full transparency, good governance and global best practices; designing a blueprint for separating policy from operations; setting key performance indices; and designing a blueprint for eliminating all rent seeking opportunities and arbitrage in the system.


Others are: Designing a blueprint for professionalism of management and personnel; designing a road map for transition to the Petroleum Industry Bill (PIB); and working with external consultants as may be required to produce a report within 30 days.


The PIB special task force under the leadership of Senator Udoma Udo Udoma is charged with producing a clean copy of the bill for presentation to the National Assembly, and working with the NASS to facilitate a buy-in and quick passage of the PIB into law.


The third committee comprises of the ‘world best and experienced industry experts will be chaired by a Director of DPR, Engineer Osten Olorunsola and comprises of eight other members including Alhaji Umar Abba Gana, former Managing Director of African Petroleum Plc.


It is noteworthy to point out an unresolved aspect of the report that raises integrity issues here “Can we call it justice when our courts provide cover to people like Alhaji Umar Abba Ganna and Mr. Mufutau Oloruntele Ajayi, who fraudulently ran aground a company like AP PLC which before now, was rated as one of the best in the downstream sector of our economy, at the expenses of innocent shareholders? That is not justice, but a travesty of it. It is things of this nature that make Nigeria appear to the outside world as the most corrupt nation in the world. The Tribunal is happy that the National Judicial Council is now dealing firmly and ruthlessly with some of the judges who think that corruption in our society is a virtue. However, a lasting solution to this problem should be found.”


Read the Report Here: Oil Sector Corruption – The AP/NNPC Saga Revisited (2003)           




















Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Oil Sector

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014