President Muhammadu Buhari has revealed his plans for the Nigerian National Petroleum Corporation, saying the national oil company will be divided into two successor entities under his administration.
The President, who made this known in an interview with journalists in Washington DC during a four-day official visit to the United States, explained that the decision would form one of the key thrusts of his efforts at reforming the nation’s oil and gas sector.
Industry watchers had speculated that Buhari would unbundle the NNPC into four companies but the President said that rather than breaking the NNPC into four companies, it would be divided into two.
While one of the successor companies will be an independent regulator, the President said the second company would operate as an investment vehicle for the country.
In his words: “I am reforming the oil and gas sector, breaking up the NNPC into two parts – the first will become an independent regulator for the sector, while the second will act as an investment vehicle for the country.”
Buhari also said there would be a new bid round for oil blocks, adding that he will ensure a transparent auction process.
“I will also end political control of the awarding of drilling and exploration rights by introducing a system of independent, transparent auctioning for licences.”
The NNPC will not be the only major government agency that would have to adapt to new regulatory realities.
Buhari said his administration would merge the Economic and Financial Crimes Commission and the Independent Corrupt Practices and other Related Offences Commission into s strong and more effective anti-graft agency.
“Corruption is one of the top three issues facing Nigeria, along with insecurity and unemployment. We must act to kill corruption or corruption will kill Nigeria. I am determined to lead that fight.
“My government is already taking several steps to cut out the cancer of corruption that has been eating away at the state for so long.
“We are reorganising the existing plethora of anti-corruption bodies into single powerful agency that will have the focus, power and budget to clamp down on corruption at the federal and state levels.”
The President said ministers would no longer have power to award contracts; and he would introduce a system of plea bargaining to encourage looters of government funds to return stolen money.
“I have already acted to remove political control over awarding of contracts away from ministers who use them to get political favours and kickbacks.
“I will introduce a new system of plea bargain, that will allow those who have stolen assets and funds to return them – but if they do not take that opportunity we will pursue them through the courts.”
Finally, on Nigeria’s stubborn and rather frustrating dependence on its oil income, Buhari made a comment which may come to define his presidency.
“I will not be satisfied until the label ‘Made in Nigeria’ is as common globally, as the label ‘Made in China.”
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