The new administration of Nigeria's president elect Muhammadu Buhari will first sack and replace the top management of the Nigeria National Petroleum Commission, NNPC, before restructuring the oil company. Then it will investigate its accounts to restore credibility, APC sources say.

A bill will be drafted to break the NNPC into four entities, as already prescribed in the latest PIB draft. But it will also, crucially, remove the oil minister from the NNPC's board of directors to curb political interference, Elombah.com has learnt

One APC source also told Reuters that more generally, the petroleum minister's current powers would be heavily trimmed.

Oil and gas will have separate companies for upstream, with a third covering pipelines and refining, and a fourth will be an inspectorate. It could be submitted to the National Assemblyy in the first quarter of next year, one NASS APC source said.

The immediate implication of all these is that foreign oil firms keen to know how Nigeria's president elect plans to tax them could be waiting a long time as he makes ending corruption and reforming the opaque national oil company his most urgent sector priorities.

Elombah.com had reported that the World Bank has already thrown its weight behind Buhari's promise to probe NNPC over allegations of missing funds.

Four party sources from Buhari's All Progressives Congress (APC) told Reuters the issue of fiscal terms, seen as crucial by the industry, will have to wait on current thinking about oil and gas policies for Africa's leading producer.

Crude output has stagnated close to 2 million barrels per day over the past few years, owing partly to underinvestment.

"We need to address the structural issues and leave the fiscal for now," Senator Bukola Saraki, whose APC party controls both houses of parliament after a landslide win, told Reuters.

"A more transparent NNPC (Nigeria National Petroleum Corporation) is needed with reasonable accounting," he said.

uhari owes his March 28 victory against incumbent Goodluck Jonathan partly to a perception that Jonathan allowed corruption to get out of control -- especially in the oil sector.

A string of multibillion dollar oil corruption scandals tainted the NNPC and other bodies that handle energy.

By contrast, Buhari was seen as one of the few Nigerian leaders to have cracked down on corruption during his military rule in 1983-1985. Many Nigerians hope he will again.

"The worry is that there's going to be a lot of time wasted in witch-hunting...That could take a year in which nothing else will happen," said a Nigerian investment banker focused on upstream oil and gas projects, who declined to be named.

APC leader Bola Tinubu, whose support was instrumental in Buhari's victory and wields huge influence, told Reuters a transtional committeee would be set up.

"No way will we discuss that now," he said.

Jonathan's administration re-drafted a Petroleum Industry Bill (PIB) in 2012 that had been in the works for a decade.

The PIB was meant to change everything from fiscal terms to overhauling the NNPC, environmental rules and revenue sharing, but its comprehensive nature caused disputes between lawmakers.

Source: http://elombah.com/detail.php?world=31725

As long as he factors in the continued fall in oil prices and the ND militant activities (blowing up pipelines) - he'll be ok,

Who are the souces, ?? I don't want fake APC news again , b4 una go vex our presido now,

makzeze:
The new administration of Nigeria's president elect Muhammadu Buhari will first sack and replace the top management of the Nigeria National Petroleum Commission, NNPC, before restructuring the oil company. Then it will investigate its accounts to restore credibility, APC sources say.

A bill will be drafted to break the NNPC into four entities, as already prescribed in the latest PIB draft. But it will also, crucially, remove the oil minister from the NNPC's board of directors to curb political interference, Elombah.com has learnt

One APC source also told Reuters that more generally, the petroleum minister's current powers would be heavily trimmed.

Oil and gas will have separate companies for upstream, with a third covering pipelines and refining, and a fourth will be an inspectorate. It could be submitted to the National Assemblyy in the first quarter of next year, one NASS APC source said.

The immediate implication of all these is that foreign oil firms keen to know how Nigeria's president elect plans to tax them could be waiting a long time as he makes ending corruption and reforming the opaque national oil company his most urgent sector priorities.

Elombah.com had reported that the World Bank has already thrown its weight behind Buhari's promise to probe NNPC over allegations of missing funds.

Four party sources from Buhari's All Progressives Congress (APC) told Reuters the issue of fiscal terms, seen as crucial by the industry, will have to wait on current thinking about oil and gas policies for Africa's leading producer.

Crude output has stagnated close to 2 million barrels per day over the past few years, owing partly to underinvestment.

"We need to address the structural issues and leave the fiscal for now," Senator Bukola Saraki, whose APC party controls both houses of parliament after a landslide win, told Reuters.

"A more transparent NNPC (Nigeria National Petroleum Corporation) is needed with reasonable accounting," he said.

uhari owes his March 28 victory against incumbent Goodluck Jonathan partly to a perception that Jonathan allowed corruption to get out of control -- especially in the oil sector.

A string of multibillion dollar oil corruption scandals tainted the NNPC and other bodies that handle energy.

By contrast, Buhari was seen as one of the few Nigerian leaders to have cracked down on corruption during his military rule in 1983-1985. Many Nigerians hope he will again.

"The worry is that there's going to be a lot of time wasted in witch-hunting...That could take a year in which nothing else will happen," said a Nigerian investment banker focused on upstream oil and gas projects, who declined to be named.

APC leader Bola Tinubu, whose support was instrumental in Buhari's victory and wields huge influence, told Reuters a transtional committeee would be set up.

"No way will we discuss that now," he said.

Jonathan's administration re-drafted a Petroleum Industry Bill (PIB) in 2012 that had been in the works for a decade.

The PIB was meant to change everything from fiscal terms to overhauling the NNPC, environmental rules and revenue sharing, but its comprehensive nature caused disputes between lawmakers.

Source: http://elombah.com/detail.php?world=31725

I just hope petrol can be sold 30naira pee liter ...

darnley16:
Who are the souces, ?? I don't want fake APC news again , b4 una go vex our presido now,

I laugh hard and good.

They will use propaganda to destroy the incoming government.

Sauce

If that's what will bring normalcy to the sector then there's no wahala. God help you, the people's general.

dunkem21:


I laugh hard and good.

They will use propaganda to destroy the incoming government.

Sauce

. I tell you , that's their plan




Maggi

NwaNimo1:
As long as he factors in the continued fall in oil prices and the ND militant activities (blowing up pipelines) - he'll be ok,

go and start blowin up pipeline,abi wot is holdin u back?

Sack and probe them all

Especially Diezani

We know that but the extent is what we don't know.

Hope our goons in the creeks are having their press-ups?
Whistle go soon blow!!

Hahaha. I thought the APC was pushing for regional autonomy et al. Why are they so interested in the "oyel" they told us to go and drink ? Same ol' shít just a different name.
A wise government would have sought to maximize and harness the diverse mineral resources scattered all over this country but then again we have an elected vice president who says his party will haul gas thousands of kilometers across the country in trucks to power a mini turbine.

Now THAT'S the definition of CLUELESS

talktimi:
Hahaha. I thought the APC was pushing for regional autonomy et al. Why are they so interested in the "oyel" they told us to go and drink ? Same ol' shít just a different name.
A wise government would have sought to maximize and harness the diverse mineral resources scattered all over this country but then again we have an elected vice president who says his party will haul gas thousands of kilometers across the country in trucks to power a mini turbine.

Now THAT'S the definition of CLUELESS

my brother are u see wat I am saw. I have always known that d oil is the price. Well the boys in d creeks re watching.