NNPC to be split into two entities

NNPC to be split into two entities

President Muhammadu Buhari has said his administration will be splitting the national oil company, the Nigerian National Petroleum Corporation, NNPC, into two entities.

    ‘Mr President will soon split the NNPC into two entities. One will be an independent regulator and the other one an investor vehicle,’ said spokesman Femi Adesina, who did not a provide a timeframe for the restructuring.

Last month Buhari dissolved the NNPC board and more sackings are expected.

The NNPC currently represents the Nigerian national interests in oil and gas exploration, manages the energy sector and is the industry regulator .

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