Nigerian President Removes Head of State Oil Co.

LONDON, (Dow Jones Newswires), Aug 10, 2007 (Dow Jones Commodities News)

Nigerian president Umaru Yar'Adua has dismissed the managing director of state-owned oil company the Nigerian National Petroleum Corp. Nigerian national newspaper The Daily Sun reports Friday.

Funso Kupolokun's responsibilities will be taken on by the next most senior executive in the organization, Abubakar Yar'Adua, no relation to the president, the paper writes.

The Daily Sun learned that Kupolokun had been under fire over a scam involving 71 recent contracts said to have been executed at the twilight of the Obasanjo regime.

It was alleged that the board of the NNPC had awarded the contracts as Obasanjo was about to leave office without due process as they did not carry the necessary work scopes to ensure transparency.

It was also reported that the director general of the state security services has also been asked to step down.

Copyright (c) 2007 Dow Jones & Company, Inc.


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