Federal Government plans to split NNPC into two entities

Reports say President Muhammadu Buhari plans to split the Nigerian National Petroleum Corporation (NNPC) into two entities,  one will be an independent regulator and the other one an investor vehicle.

His spokesman Femi Adeshina, told newsmen that President Buhari, who is riding on his promises to combat corruption, has made clear he wants to overhaul the oil sector, which provides the government with around 70 percent of its revenue.

He has said his government will trace and recover what he called "mind-boggling" sums of money stolen from the oil sector.


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.

It has been accused of failing to account for billions of dollars in the last few years although it has said that the money was not lost.

An NNPC source, who wished to remain unnamed, said the planned changes were long overdue.
"We can't continue to be a regulator, a revenue collector and a business, all rolled into one. That gives room for a lot of confusion, obfuscation and misrepresentation," he said.