Dr Ibe Kachikwu has formally handed over the baton to new Group Managing Director, Maikanti Baru as the man to lead the NNPC to the promised land.
It is believed in official circles that Kachikwu was relieved of the position to enable him focus fully on his duties as Minister of State for Petroleum Resources.
See photos from the handing over event which happened at the corporation's headquarters in Abuja.
Elder statesman and former head of Borno Elders Forum, Dr Shettima Ali Monguno has passed away in his home state at the age of 90.
According to a statement issued by the governor of Borno State, Kashim Shettima, the Minister of Petroleum and Mines in the First Republic died on Friday evening.
“It is with a deep sense of loss and profound sadness that we announce, on behalf of His Excellency the Executive Governor of Borno State and the Borno State Government, the passage of our father and distinguished Statesman, Alhaji (Dr.) Shettima Ali Monguno.He died this evening, Friday, 8th July, 2016.
“His burial will, Insha Allah (by the grace of God) take place tomorrow, Saturday, 9th July, 2016 at 2 p.m at his residence, near Government House, Old GRA, Maiduguri.
“May Allah (SWA) forgive his sins and grant him abode in Aljanat Firdaus, and may Allah grant his family and the entire people of Borno State the fortitude to bear this irreparable loss.”
President Buhari has pledged to be open to Nigerians in his resolute commitment to restore the economic fortunes of the country and deliver prosperity to Nigerians.
He made the promise while receiving the Northern Christian Leaders Eagles Eyes Forum at the State House, Abuja on Friday.
Read the full text below.
"You must tell your followers the truth about the country. We have nothing to hide because we have no other country but Nigeria.
"Tell them to give us a chance to stabilize the country. Your concern for the security, unemployment, anti-corruption campaign and the frequent altercations between herdsmen and farmers are genuine concerns.
"I know the Ministry of Agriculture and the Governors Forum are doing a lot to resolve the lingering crisis between herdsmen and farmers, we must give them a chance.
"It is saddening that some of those who stole from our national resources put the money in their personal accounts.
"However, it is gratifying that those who stole money and shared funds meant for the purchase of arms for our military are regretting their actions and they will regret more.
"Those caught in corruption will have themselves to blame."
The Minister of State for Petroleum Resources and immediate past Group Managing Director of the NNPC, Ibe Kachikwu has said that the deregulation of the downstream oil sector with the resultant increase in the pump price of petrol has led to the reduction of 30 % in the consumption of the commodity.
Kachikwu said this at the NNPC Towers, Abuja on Friday while handing over to the new Group Managing Director of the corporation, Maikanti Baru.
“We undertook deregulation at the time nobody thought it was possible and if there’s anything we leave for this industry, it must be the legacy of that deregulation.
“Today our consumption of fuel has gone down by 30 per cent; we have no queues in the filling stations; we have one and a half months of self sufficiency; we have strategic reserves in place that we are putting together and we have a funding scheme to enable the downstream to be able to adequately fund itself.
“We have succeeded in removing subsidy and saving over N1.4tn for this country on a yearly basis. We have reduced upstream contracting period from the average of between two and half years to between six and nine months and we have started a massive commercialisation of every aspect of our business,” he said.
The Minister of State for Petroleum Resources, Dr Ibe Kachikwu has assured the new Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Maikanti Baru of his support in moving the company to greater heights.
Kachikwu gave the assurance on Friday while handing over the affairs of the NNPC to Baru. President Buhari had on Monday announced the appointment of Baru as the new GMD of the corporation.
“I want you to know that this is a great task; be focused and see it as a service to the nation, work hard to leave a great legacy.
“It is not how long you stay that matters but how well, look for legacy issues and work on it, I will give you every support that will help you to supersede what I have achieved,’’ he said.
Kachikwu advised Baru to ensure that the series of restructuring which have been done at the NNPC should be sustained in order to move it to the next level.
He explained that the NNPC had achieved a lot in the past 11 months, including the partial deregulation of the downstream sector and the reduction of its operational cost by 30 per cent.
“We need to find structure in which private fund will be used to help our refineries to work at 90 per cent capacity," he said.
On Friday at the State House, Abuja, President Muhammadu Buhari received in audience, members of the Northern Christian Leaders Eagle Eyes Forum. The group was led by Pastor Aminchi Habu.
Also on the delegation was the Secretary to the Government of the Federation, SGF, Mr David Babachir Lawal among others.
The group had expressed their concern on issues of security, unemployment, anti-corruption campaign and the incessant clashes between herdsmen and farmers.
The president told them that those who looted the treasury were now regretting their actions and would regret even more.
“It is saddening that some of those who stole from our national resources put the money in their personal accounts.
“However, it is gratifying that those who stole money and shared funds meant for the purchase of arms for our military are regretting their actions and they will regret more.
“Those caught in corruption will have themselves to blame,’’ he vowed.
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