Nigeria’s President, Muhammadu Buhari, has dissolved the board of the Nigerian National Petroleum Corporation (NNPC) with immediate effect.
The dissolution of was contained in a letter to the board on Friday signed by the Head of the Civil Service of the Federation, Mr Danladi Kifasi.
In the letter the President thanked members of the dissolved board of the NNPC for their services to the nation.
During his campaigns, President Buhari had reiterated his commitment to sanitising the NNPC and blocking fund leakages in the corporation.
The NNPC had come under scrutiny in late 2013 after the former Governor of the Central Bank of Nigeria alleged that the corporation had not remitted $20 billion made from the sale of crude oil to the Federation Account between 2012 and 2013.
President Buhari, had in April stated that his administration would revisit the alleged missing $20 billion.
He made the statement while receiving delegates from Adamawa State.
The President said: “$20 billion dollars is too huge a sum to ignore and must be investigated”.