Nigerian National Petroleum Corporation - wikipedia Nigerian National Petroleum Corporation Nigerian National Petroleum Corporation Type State - owned enterprise Industry Oil and gas Founded 1977 ; 40 years ago ( 1977 ) Headquarters Abuja, FCT, Nigeria Products Crude Oil, Gas, petroleum products, petrochemicals, Website www.nnpcgroup.com The Nigerian National Petroleum Corporation ( NNPC ) is the oil corporation through which the federal government of Nigeria regulates and participates in the country 's petroleum industry. Contents 1 History 2 Leadership 3 NNPC Organisational Structure 4 Installations 5 Legal premise 6 Corruption at the NNPC 6.1 KPMG Report 6.2 Willbros Group Inc 6.3 ABB Vetco Gray 6.4 Trafigura and Vitol 6.5 Unremitted funds ( 2013 -- 2014 ) 6.6 Unremitted funds ( 2016 ) 7 References 8 External links History NNPC was established on 1 April 1977 as a merger of the Nigerian National Oil Corporation and the Federal Ministry of Mines and Steel. NNPC by law manages the joint venture between the Nigerian federal government and a number of foreign multinational corporations, which include Royal Dutch Shell, Agip, ExxonMobil, Chevron, and Texaco ( now merged with Chevron ). Through collaboration with these companies, the Nigerian government conducts petroleum exploration and production. In 2007, the head of the Nigerian wing of Transparency International said salaries for NNPC workers were too low to prevent graft. The NNPC Towers in Abuja is the headquarters of NNPC. Consisting of four identical towers, the complex is located on Herbert Macaulay Way, Central Business District Abuja. NNPC also has zonal offices in Lagos, Kaduna, Port Harcourt and Warri. It has an international office located in London, United Kingdom. Leadership Dr. Maikanti Baru is the current Group managing director. He was appointed as the Nigerian National Petroleum Corporation Group chief executive officer on July 4th, 2016 under the presidency of Muhammadu Buhari ; he succeeded Dr. Ibe Kachikwu, the current Nigerian Minister of State, Petroleum. NNPC organisational structure The NNPC Group comprises the NNPC Board, the Group managing director 's office, Seven operational units as listed below. Each of the Unit is headed by a chief operating officer ( COO ). Its Divisions are headed by Group General Managers ( GGM ) while its subsidiary companies are headed by Managing Directors. NNPC has several subsidiaries, two partly owned subsidiaries and 16 associated companies. Autonomous Business Units : Upstream Company Downstream Company Refining Company Ventures Company Gas & Power Company Corporate Services Units : Finance and Accounts Corporate Services Strategic Business & Corporate Services Units : SBU 's / CSU 's SBU 's / CSU 's National Petroleum Investment and Management Service NNPC Trading Company Crude Oil Marketing Division Nigerian Petroleum Development Company Government & Labour Relations Integrated Data Services Limited Corporate Secretariat, Legal Division NNPC Retail Limited Corporate Social Responsibility Nigerian Petroleum Marketing Company Marine Logistics Nigeria Pipeline & Storage Company Renewable Energy / Frontiers Exploration Kaduna Refining & Petrochemicals Company Group Public Affairs Division Warri Refining & Petrochemicals Company Financial Controller Port Harcourt Refining Company PHRC Treasury Gas & Power Investments Company Liabilities Management Nigeria Gas Marketing Company Group Human Resources Division Nigeria Gas Processing & Transmission Company Engineering & Technology NNPC Properties Information Technology Division / SAP NNPC Shipping with NIDAS & NIKORMA as Independent Subsidiaries NNPC Medical Services National Engineering & Technical Company NNPC Leadership Academy NNPC Oilfield Services NNPC Capital NIGAZ ( NNPC / GAZPROM JV ) NNPC Pension Fund Nigeria LNG Limited NLNG Installations NNPC has sole responsibility for upstream and downstream developments, and is also charged with regulating and supervising the oil industry on behalf of the Nigerian Government. In 1988, the corporation was commercialised into 11 strategic business units, covering the entire spectrum of oil industry operations : exploration and production, gas development, refining, distribution, petrochemicals, engineering, and commercial investments. The subsidiary companies include : Nigerian Petroleum Development Company ( NPDC ). Legal premise Main article : Energy law According to the Nigerian constitution, all minerals, gas, and oil the country possesses are legally the property of the Nigerian federal government. As such, the oil corporations operating in Nigeria appropriate portions of their revenue to the government, which accrues nearly 60 % of the revenue generated by the oil industry in this manner. The revenue gained by the NNPC accounts for 76 % of federal government revenue and 40 % of the entire country 's GDP. As of 2000, oil and gas exports account for 98 % of Nigerian export earnings. Corruption at the NNPC KPMG report In December 2011, the Nigerian government permitted a forensic report conducted by KPMG to be published. The audit, commissioned by the Ministry of Finance following concerns over the NNPC 's transparency, detailed the NNPC 's sharp business practices, violation of regulations, illegal deductions of funds belonging to the state, and failure to account for several billions of naira that should go to the federation account. Auditors found that between 2007 and 2009 alone, the NNPC over-deducted funds in subsidy claims to the tune of N28. 5 billion. It has not been able to account for the sum ever since. Willbros Group Inc In May 2008, Willbros Group Inc, a US company, admitted to making corrupt payments totalling over $6.3 million to officials at the NNPC and its subsidiary NAPIMS, in return for assistance in obtaining and retaining contracts for work on the Eastern Gas Gathering System ( EGGS ). ABB Vetco Gray In July 2004, ABB Vetco Gray, a US company, and its UK subsidiary ABB Vetco Gray UK Ltd, admitted to paying over $1 million in bribes to officials at NNPC subsidiary NAPIMS in exchange for obtaining confidential bid information and favourable recommendations from Nigerian government agencies. Trafigura and vitol In November 2013 after a report was published by Swiss Non-governmental advocacy organisation -- Erklärung von Bern -- allegations of heavy fraud surfaced, placing the NNPC under suspicion of siphoning off $6.8 billion in crude oil revenues. Unremitted funds ( 2013 -- 2014 ) On 9 December 2013, a letter from the Central Bank of Nigeria ( CBN ) Governor to the President of Nigeria, Goodluck Ebele Jonathan, dated show of 25 September 2013ing details that the NNPC had not remitted over $49.8 billion proceeds of crude oil sales to the Government surfaced. On 13 December 2013, NNPC responded that no money was missing. Reconciliation Committee ( comprising representatives of ( i ) CBN ( ii ) NNPC ( iii ) DPR ( iv ) FIRS ( v ) OAGF ( vi ) The Budget Office of the Federation ( vii ) Federal Ministry of Finance ( viii ) Federal Ministry of Petroleum Resources ) was set up. The Reconciliation Committee estimated unremitted funds at $10.8 bn on 18 December 2013 while CBN changed its claim to $12 bn. CBN then informed senate committee on Finance on 4 February 2014 that NNPC needs to account for $20 bn as the CBN could only confirm receipt of $47 bn out of $67 bn revenue for the period under review. The then Finance Minister recommended the conduct of an independent Forensic Audit and PwC was officially appointed by the office of the Auditor General of the Federation ( AuGF ) to conduct a forensic audit into the allegations. Among the conclusions reached by PwC at the end of their work, as stated in their report, which was made public are : 1. Total cash remitted into the Federation accounts in relation to crude oil liftings was $50.81 bn and NOT $47 bn as earlier stated by the Reconciliation Committee for the period from January 2012 to July 2013. 2. NNPC has provided information on the difference leading to a potential excess remittance of $0.74 billion ( without considering expected remittances from NPDC ). Other indirect costs of $2.81 billion which were not part of the submission to the Senate Committee hearing have been defrayed to arrive at this position. 3. A major consideration centres on the ownership of oil and gas assets controlled by NPDC. Subject to additional information being provided, we estimate that the NNPC and NPDC should refund to the Federation Account a minimum of $1.48 billion as summarised in the next page. No staff of the NNPC or Ministry of Petroleum has so far been punished, though on Thursday, 20 February 2014, the whistle - blowing CBN Governor was suspended from office by the President. Unremitted funds ( 2016 ) An official audit reported in March 2016 that the NNPC had failed to pay US $1.6 billion. References ^ Jump up to : `` Reforming the oil industry ''. The Economist. The Economist Newspaper Limited. 29 September 2007. access - date = requires url = ( help ) Jump up ^ Musikilu Mojeed ( 9 December 2011 ). `` Monumental Oil Subsidy Fraud And Corruption at the NNPC - The Damning KPMG Report : Premium Times ''. Sahara Reporters. Jump up ^ ENERGY AND NATURAL RESOURCES ( 22 November 2010 ). `` Current State Assessment Report on the Process and Forensic Review of the Nigerian National Petroleum Corporation ( Project Anchor ) '' ( PDF ). Federal Ministry of Finance. Jump up ^ Department of Justice ( 14 May 2008 ). `` Willbros Group Inc. Enters Deferred Prosecution Agreement and Agrees to Pay $22 Million Penalty for FCPA Violations ''. Department of Justice. Jump up ^ Department of Justice ( 6 July 2004 ). `` ABB VETCO GRAY, INC. AND ABB VETCO GRAY UK LTD. PLEAD GUILTY TO FOREIGN BRIBERY CHARGES ''. Department of Justice. Jump up ^ `` Nigeria lawmakers order probe of NNPC, Swiss oil dealers ' $6.8 billion scandal - Premium Times Nigeria ''. Premium Times Nigeria. 2013 - 11 - 12. Retrieved 2017 - 08 - 29. Jump up ^ http://www.thisdaylive.com/articles/house-probes-collusion-between-nnpc-swiss-and-nigerian-traders/164208/ Jump up ^ http://www.swissinfo.ch/eng/business/Traders_collude_in_oil_corruption,_says_Swiss_NGO.html?cid=37260152 November 4, 2013 ^ Jump up to : PwC Final Report on NNPC forensic audit 2015 ( PDF ). Vanguard Newspaper Download of PwC Report ( Report ). Price Waterhouse Coopers. April 2015. p. 199. Retrieved 25 August 2015. Investigative Forensic audit of crude oil revenues and remittances by Nigerian National Petroleum Corporation ( NNPC ) ( January 2012 -- July 2013 ) Jump up ^ `` Nigeria 's NNPC ' failed to pay ' $16 bn in oil revenues ''. BBC News. Retrieved 15 March 2016. External links Nigeria portal Energy portal Nigerian National Petroleum Corporation -- Official website Petroleum industry Petroleum Primary energy Benchmarks Argus Sour Bonny Light Brent Dubai Indian Basket Indonesian Isthmus - 34 Light Japan Cocktail OPEC Reference Basket Tapis Urals West Texas Intermediate Western Canadian Select Data Natural gas Consumption Production Reserves Imports Exports Price Petroleum Consumption Production Reserves Imports Exports Price ( of gasoline and diesel ) Exploration Core sampling Geophysics Integrated asset modelling Petroleum engineering Reservoir simulation Seismic to simulation Petroleum geology Petrophysics Reflection seismology ( Seismic inversion ) Seismic source Drilling Blowout Completion ( Squeeze job ) Differential sticking Directional drilling ( Geosteering ) Drilling engineering Drilling fluid ( invasion ) Drill stem test Lost circulation Measurement Tracers Underbalanced drilling Well logging Production Petroleum fiscal regime Concessions Production sharing agreements Artificial lift Pumpjack Submersible pump ( ESP ) Gas lift Downstream Enhanced oil recovery ( EOR ) Steam injection Gas reinjection Midstream Petroleum product Pipeline transport Refining Upstream Water injection Well intervention XT History 1967 Oil Embargo 1973 oil crisis 1979 energy crisis 1980s oil glut 1990 oil price shock 2000s energy crisis 2010s oil glut Founders History of the petroleum industry Nationalization OPEC GECF Seven Sisters Standard Oil Oil market timelines Provinces and fields List of natural gas fields List of oil fields East Midlands Oil Province East Texas Gulf of Mexico Niger Delta North Sea Permian Basin Persian Gulf Prudhoe Bay Oil Field Russia Venezuela Western Canadian Sedimentary Basin Other topics Acronyms Oil shale gas Peak oil mitigation timing People Petrocurrency Petrodollar recycling Shale gas Swing producer Unconventional oil heavy crude oil sands oil shale Companies and organisations Major petroleum companies Supermajors BP Chevron Eni ExxonMobil Royal Dutch Shell Total National oil companies ADNOC ( UAE ) CNOOC ( China ) CNPC ( China ) Ecopetrol ( Colombia ) Gazprom ( Russia ) Iraq National Oil Company Indian Oil Corporation KazMunayGas ( Kazakhstan ) Kuwait Petroleum Corporation Lotos ( Poland ) Nigerian National Petroleum Corporation NIOC ( Iran ) NISOC ( Iran ) OGDCL ( Pakistan ) ONGC ( India ) PDVSA ( Venezuela ) PKN Orlen ( Poland ) Pemex ( Mexico ) Pertamina ( Indonesia ) PetroBangla ( Bangladesh ) Petrobras ( Brazil ) PetroChina Petronas ( Malaysia ) Petrovietnam PTT ( Thailand ) Qatar Petroleum Rosneft ( Russia ) Saudi Aramco ( Saudi Arabia ) Sinopec ( China ) SOCAR ( Azerbaijan ) Sonangol ( Angola ) Sonatrach ( Algeria ) Statoil ( Norway ) TPAO ( Turkey ) YPF ( Argentina ) Energy trading Glencore Gunvor Mercuria Naftiran Intertrade Trafigura Vitol Other Anadarko Apache BG Group Cenovus Energy Compañía Española de Petróleos ConocoPhillips Devon Galp Energia Hess Husky Energy Imperial Oil Lukoil Marathon Oil Nippon Oil Occidental OMV Port Harcourt Refining Company Reliance Industries Repsol Suncor Energy Surgutneftegas TNK - BP Tullow Oil Tüpraş Major services companies Amec Foster Wheeler Baker Hughes Cameron CGG CH2M Hill Chicago Bridge & Iron Company China Oilfield Services Enbridge Ensco GE Oil & Gas Halliburton Nabors Industries Naftiran Intertrade National Oilwell Varco Petrofac Saipem Schlumberger Snam Subsea 7 TransCanada Transocean Weatherford Wood Group Other International Association of Oil & Gas Producers International Energy Agency International Petroleum Exchange OPEC Society of Petroleum Engineers World Petroleum Council Commons Retrieved from `` https://en.wikipedia.org/w/index.php?title=Nigerian_National_Petroleum_Corporation&oldid=799723101 '' Categories : Oil and gas companies of Nigeria Government - owned companies of Nigeria National oil and gas companies Energy companies established in 1977 Non-renewable resource companies established in 1977 1977 establishments in Nigeria Companies based in Port Harcourt Hidden categories : Pages using citations with accessdate and no URL EngvarB from February 2017 Use dmy dates from February 2017 All articles with unsourced statements Articles with unsourced statements from September 2007 Talk Contents About Wikipedia Dansk Deutsch Español فارسی Français Norsk Português Edit links This page was last edited on 9 September 2017, at 13 : 11. 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Question: who is the current managing director of nnpc
Answer: Dr. Maikanti Baru