President Muhammadu Buhari has finally sacked the board of Nigerian National Petroleum Corporation (NNPC), according to a terse statement issued by the Office of Head of Civil Service of the Federation (OHCSF) on Friday.

Although no reasons were given for the sack, most Nigerian have long awaited the action by Buhari who was the foundation chief executive officer of the corporation and later minister of Petroleum in the late 1970s.

Nigerians including Buhari has complained about seemingly irresponsible manner in which NNPC had been run since 1999 and especially since 2010 when Dr. Goodluck Jonathan became President.

It is generally believed that NNPC has been made a source of slush funds by successive administrations where funds are commandeered without appropriation.

During late President Umar Yar’Adua’s administration, NNPC was found to have short changed the Federation of about N35 billion, which was eventually refunded over a period at N7 billion per month.

Various panels have in the past indicted the NNPC and its subsidiaries of lack of transparency and accountability in its operations.

Again, the PriceWaterHouseCoopers audit report released early this year also found the Corporation of defrauding the Federation Account to the tune of at least $1.48 billion even though many believe the amount involved must be in multiples of this.

 Immediate past minister of Petroleum Resources, Mrs. Diezani Alison-Madueke was accused of mismanaging the Corporation by making it pay for the lease of a private jet at the cost of N10 billion per annum.