Buhari splits NNPC into two

The Federal Government is breaking up the controversial Petroleum Industry Bill (PIB) that has been stuck in parliament for years into different sectors and replacing it with a law to renovate the state sector which aims to close loopholes that create avenues for corruption.

They have also presented a proposal to split the Nigerian National Petroleum Corporation (NNPC) into two companies — the Nigeria Petroleum Assets Management Company (NPAM) and a National Oil Company (NOC) that would be run on commercial lines and partly privatised. This is according to a draft document obtained by Reuters.