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Plans to Split State Nigerian Oil Company

Plans to Split State Nigerian Oil Company Plans to Split State Nigerian Oil Company

Nigerian President Muhammadu Buhari plans to split the state-owned Nigerian National Petroleum Corporation into two entities, his spokesman said on Saturday. Buhari, elected in March on promises to combat corruption, has made clear he wants to overhaul the oil sector in Africa's biggest economy, which provides the government with around 70% of its revenue. He has said his government will trace and recover what he called "mindboggling" sums of money stolen from the oil sector, Reuters reported. "NNPC will be soon split into two entities. One will be an independent regulator and the other one an investor vehicle," said spokesman Femi Adesina, who did not provide a timeframe for the restructuring. 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.

 

Financialtribune.com