PANIC!!! As President Muhammadu Buhari Move To Break NNPC, Then Merge ICPC And EFCC
President Muhammadu Buhari has said his administration will be splitting the national oil company, the Nigerian National Petroleum Corporation, NNPC, into two successor entities.
President Muhammadu Buhari has said his administration will be splitting the national oil company, the Nigerian National Petroleum Corporation, NNPC, into two successor entities.
The President, stated this in an interview with journalists in Washington DC during his recently concluded four-day visit to the United States, Saturday Punch reports.
The President explained that the decision would form one of the key steps of his reform of the country’s oil and gas sector.
There had been insinuations that Buhari would unbundle the NNPC into four companies but the President, in the Washington interview, said rather than breaking the NNPC into four companies, it would be divided into two – regulator and investment vehicle.
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.”
Buhari also hinted that there would be a new bid round for oil blocks in the country, adding that he favours transparent auction process.
“I will also end political control of the awarding of drilling and exploration rights by introducing a system of independent, transparent auctioning for licences,” the President said.
