Mr Ribadu estimated the value of 400,000 barrels of crude oil at about 4 million dollars, and blamed the loss on the country’s high cost of living.
Mr Lokpbiri gave the assurance on Friday during a facility inspection of the refinery.
The changes were made on Sunday.
In November 2021, minister of finance, Zainab Ahmed, said there were plans to effect the removal by June 2022.
The board chaired by Margery Chuba Okadigbo, was charged o focus on profitability.
Certain ministries, departments and agencies failed to honour a Senate committee meeting to justify their input in loans already approved for the Buhari regime.
The minister said he had extracted a commitment from multinational oil firms to relocate their operational headquarters to the Niger Delta region.
