President Buhari To Split NNPC Into Two

President Muhammadu Buhari, in a recent interview with newsmen in the United states has revealed his plans for the Nigerian National Petroleum Corporation.
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.

“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.”
“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.

The NNPC is considered a cesspool of corruption and fraud signposted by the non-remission of revenues from oil sale to the Federation Account.