President Buhari has revealed that he intends to split the controversial NNPC into two separate corporations.
Nigeria’s President, Muhammadu Buhari has revealed what he intends to do with the Nigerian National Petroleum Corporation. President Buhari said the national oil company will be divided into two successor entities under his administration.
President Buhari revealed to journalists in Washington DC that the decision would form one of the key steps of his reform of the country’s oil and gas sector.
While one of the successor companies will be an independent regulator, the President said the second would operate as an investment vehicle for the country.
He said, “I am reforming the oil and gas sector, breaking up the NNPC into two parts – the first will become an independent regulator for the sector, while the second will act as an investment vehicle for the country.”