Nigerian President Muhammadu Buhari plans to split the state oil company into two entities, his spokesman, Femi Adesina said on
Nigerian National Petroleum Corporation (NNPC) has been accused of
failing to account for billions of dollars in the last few years but it
has said that the money was not lost.
Buhari, inaugurated on May
29 after being elected on promises to combat corruption, has made clear
he wants to overhaul the oil sector, which provides the government with
around 70 per cent of its revenue.
The NNPC currently represents
national interests in oil and gas exploration, manages the energy sector
and is the industry regulator in Africa’s top crude producer.
president will soon split the NNPC into two entities. One will be an
independent regulator and the other one an investor vehicle,” said
spokesman Femi Adesina, who did not a provide a timeframe for the
Last month Buhari dissolved the NNPC board and more sackings are expected.
who has said he does not intend to appoint a cabinet until September,
is widely expected to keep the petroleum portfolio for himself.
Source: PM News