It was similarly fingered in the $289,202,382 allegedly collected in 2015 and housed in Ikoyi by the National Intelligence Agency (NIA). Investigations into the cash deposit had subsequently resulted in the suspension of NIA’s Director-General, Ambassador Ayodele Oke. Buttressing these claims against NAPIMS, the petroleum policy in its description of the agency and need for its shake-up, stated that: “NAPIMS’ cost of managing government’s interest is significantly higher than it ought to be. An expenditure of over $200 million per year is unjustifiable in the current oil price environment. These costs, when applied across the JVs and PSCs, make some of the government equity interests in the joint venture unprofitable.” It added that: “NAPIMS has 10 divisions but only three are operational (JVs, PSCs, Gas). There are no written rules, procedures or policies to guide its activities; institutional capacity (management and staff capability) is weak; there is no compliance unit, which should be a given; costs per barrel within operations under its supervision are unacceptably high; there is poor data management, information asymmetry both internally and with NNPC Corporates and the organisational structure is fractured.” It noted on the proposed reform: “The petroleum policy considers that NAPIMS is incapable of reforming itself because of the internal organisation. Effective NAPIMS reform can only come from fundamental restructuring with commercial discipline, and reform must come from outside NAPIMS. “NAPIMS will be substantially restructured and may ultimately become independent and with full autonomy from the (National Oil Company of Nigeria) NOCN.” “The restructuring and reform process, to be led jointly by the Ministry of Petroleum Resources and the Ministry of Finance will include: a global level management consultancy to be hired to help with the restructuring; a value-for-money audit; enable faster contracting cycles (3-6 months); priority focus on low-cost oil operations ($9-10/bbl); NAPIMS will be limited to a pure asset management function whilst cost regulation will reside with the sector regulator,” it stated. It also explained that NAPIMS would be made to share data with other relevant sector agencies to ensure transparency and efficiency. To Receive Free News Updates, Add To Your WhatsApp: 08033857245; For Adverts Enquiries, Call 08083609209, To Publish Your Articles Or News Stories, Email editor@skytrendnews.com. READ ALSO! Between GoDaddy And Namecheap: Making The Best Choice For Domain Name Registrar READ ALSO! Nigeria’s Economy Might Relapse Into Protracted Recession If… — Country’s Central Bank READ ALSO! The Internet’s Future Lies With Its Next Billion Users — Sundar Pichai, Google CEO READ ALSO! Nigerian Army Recovers 48 Corpses Of Soldiers, Others Killed By Boko Haram During NNPC Oil Exploration In Lake Chad READ ALSO! 7 Women Lure Two Men Into Their Car, Rape Them Serially Inside A Bush READ ALSO! Why Celebrity Marriages Will Continue To Crash — Comedian, Bash READ ALSO! Shock As Married Woman Dies In Hotel Room In Enugu With Alleged Lover ]]>