President Muhammadu Buhari has finally revealed what will be the fate of the Nigerian National Petroleum Corporation, saying thenational oil company will be divided into two successor entities under his administration.

The President, who stated this in an interview with journalists in Washington DC during a four-day visit to the United States, an extract of which was made available to Saturday PUNCH,explained that the decision would form one of the key steps of his reform of the country’s oil and gas sector.

The NNPC is considered a cesspoolof corruption and fraud sign posted by the non-remission of revenues from oil sale to the Federation Account. Hence, one of the first reform moves by All Progressives Congress –led administration is expected to start at the NNPC.

There had been insinuations that Buhari would unbundle the NNPC into four companies but the President, in the Washington interview, said rather than breaking the NNPC into four companies, it would be divided into two – regulator and investment vehicle.While one of the successor companies will be an independent regulator, the President said the second would operate as an investment vehicle for the country.He said,

“I am reforming the oil and gas sector, breaking up the NNPC into two parts – the first willbecome 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 in the country, adding that he favours 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 President said.

Senate President Bukola Saraki had, recently, described the NNPC as the engine room of corruption. He lamented that none of the perpetrators of illegal deals in the corporation had so far been apprehended and brought to justice.

“You hardly see where people who are the real engine room – which is the NNPC – where most of thesecorruption cases on oil are, being put on trial,” he said.

Similarly, Kaduna State Governor, Mallam Nasir el-Rufai, had last week called for the setting up of another national oil firm as he argued that the present NNPC would kill Nigeria if it was allowed to continue running.“If you don’t kill the NNPC, it will kill Nigeria,” el-Rufai said.

Buhari, as part of the ongoing reform of several strata of the country, said his administration would merge the Economic and Financial Crimes Commission and the Independent Corrupt Practicesand other Related Offences Commission into one strong and more effective anti-graft agency.He said,

“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 statelevels.”

The President said ministers would no longer have power to award contracts while announcing the introduction of a new system of plea bargaining to encourage looters of the government money and oil thieves to return the people’s stolen commonwealth.He said,

“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 nottake that opportunity we will pursue them through the courts.”

Buhari insisted that his administration would not relent in asking foreign countries, including the US, to help in returning stolen funds that are sitting in private accounts abroad, but rightfully belonging to the people of Nigeria.The President lamented that the country had become over-dependent on oil because of the incompetence and corruption of government that concentrated on “how best to steal oil revenues instead of how best to use our oil windfalls to invest in a modern, growing economy.”

Rather than continue to depend on oil, Buhari said Nigeria must become a manufacturing giant.

“I will not be satisfied until the label ‘Made in Nigeria’ is as common globally, as the label ‘Made in China,’” he added.

(What an awesome news to wake up to this morning. More jobs and more transparency. Time to separate the goats from the sheep. I know a lot of people are already shaking and wetting their pants. Thumbs up Mr. President.)

Source: http://www.punchng.com/news/buhari-to-split-nnpc-into-two-plans-fresh-bid-round-for-oil-blocks/

A country were a man stole a car battery worth N14,000 and he was jailed for a year and NNPC from the beginning of time has been doing shady deals and none has been jailed instead they have fat bank accounts and are made chiefs in there respective villages.

God have mercy and keep on protecting the weak in this our beloved country called Nigeria
www.

K we heard

Now,it's time for the frog eyed man from my region to get ready to have oil block. There's God

OK I don hear...

Buhari keeps making me wonder..

Anyways, today's my birthday... Can I get some likes for no reason?

This dulla-rd is too dull.

This man talk too much. All we hear is I will do, I will do and I will do. When are you going to start doing.

Landlord

DONMAYOR19:
This dulla-rd is too dull.

Save your rantings, you've got 4-8 years.

yorke1:
This man talk too much. All we hear is I will do, I will do and I will do. When are you going to start doing.

Exactly !

He is doing dem wit his lips. Those change he promised r 4rm his lips nt hrt.

*yawns* I don't care what the daura dull.ard does anymore...his running nigeria like his cattle rearing business. Wake me up when his stooge supporters finally wake up from their madness and decide to revolt


This man and nnpc. What happened to diverting the economy. What of the "agricultural reform"? He's not mentioning anything about that

Mr President, most of your sponsors are 'indicted' and integrity (transparency) in the fight against corruption won't be full if you look the other way and allow them go scot free.

Isokay

Good

Hmmm. E no go easy o for some people.. Lol.

better like that...

Sometimes I wonder if this man was really a soldier he talks too much without any action..#baba now that you are there stop talking we need action.

When a man with intellect is talking u'll know, sai Baba

Sai baba

Hmmmm.

I'm really positive about this regime

This man really has plans. I'd like to believe him no matter what people say

Make I no talk

Good plan

NNPC's book should also be probed,and anybody found wanting prosecuted..

Buhari will.......

Buhari to ........

Buhari wants to.......


Is it just me or is Buhari just a talkative president?

"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.”

You can now understand why some 1st class looters during GEJ's regime have not been summoned yet by the EFCC,ICPC or DSS, they simply have made the wise decision and embraced the plea bargain. This is unlike some foolish ones amongst them that still believe that the persistent cry of "Witch-hunt" by their ever-wailing supporters can save them from Buhari's Anti-corruption lashes.

It is obvious Buhari is not on some personal vendetta and is not interested in jailing anyone but the few "Corrupt and Stone-hearted thieves ". Politicians that fall in this category abound and will easily fill our prisons to the delight of honest, hardworking and patriotic Nigerians.

The future is looking good from here. Nigeria shall be great again! SaiBuhari!

Hahahahahahaahahahahahahahaha

We are watching and waiting.

2019 is not far.

One thing is certain, PDP shall be back. Yes, I'm sure.

Good one. . .

I'll volunteer to be Buhari's cattle rearer for 3 years FREELY if tinubu doesnt owns an oil block in this new development..


Contact me for nice and affordable customised wristbands..

..

Re-strategize please. We pray it works out. Haters of progress please feel free to crash in the LAGOON

mehn these is an opportunity for engineers.....mah go dust that my CV and package them together