The decision to split the controversial NNPC is due to the huge amount of money allegedly stolen by various individuals from the oil sector.
The serious pressure being mounted by the trade union and professional bodies in the oil sector, has helped President Buhari make up his mind about the NNPC.
Reliable sources in the Nigerian National Petroleum Corporation (NNPC) reveal that there are ongoing plans to split the group, into two.
According to The Guardian Newspaper, a source who chose to speak under anonymity said, “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.”
Also, Mr. Femi Adesina, a Presidential spokesperson was also quoted as saying, “Mr President will soon split the NNPC into two entities. One will be an independent regulator and the other one an investor vehicle.”
This decision is coming on the heels of the huge amount of money allegedly stolen by various individuals, from the oil sector and the high level of corruption that has taken place in the group over the years.