Senior Special Adviser to the President on Media and Publicity, Femi Adesina has confirmed that President Muhammadu Buhari plans to split the Nigerian National Petroleum Corporation (NNPC) into two entities.
The NNPC has been accused of failing to properly remit monies running into billions of dollars, in the last few years.
The President has reiterated his commitment to fighting corruption, among which overhauling the oil sector is critical.
According to Femi Adesina, “Mr president will soon split the NNPC into two entities. One will be an independent regulator and the other one an investor vehicle.” He however gave not time frame when the move will be made.
Last month, President Buhari dissolved the NNPC board and it is expected that more people in the Corporation will get laid off.
According to wide speculations, the President will likely keep the portfolio of heading the Petroleum ministry to himself when he announces his ministerial list in September.
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