Nigeria’s oil minister replaced as state oil company boss – Reuters


ABUJA, July 4 (Reuters) – Nigerian President Muhammadu Buhari has replaced Oil Minister Emmanuel Ibe Kachikwu as group managing director of state oil company NNPC as part of a wider board overhaul.

Oil accounts for about 70 percent of Nigeria’ revenue, but the OPEC member has been hit hard by a prolonged drop in crude prices that has caused the deepest crisis in Africa’s biggest economy for more than a decade.

Dr Maikanti Kacalla Baru, previously group executive director for exploration and production, will take the reins from Kachikwu, who will remain on the board as chairman, the president’s spokesman said on Monday.

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