Nigerian National Petroleum Corporation to Be Split

Nigeria's President, Muhammadu Buhari, plans to split the state-owned Nigerian National Petroleum Corporation into two separate firms, as part of efforts to reform the oil sector which has lost billions of dollars to corruption and inefficiency. NNPC will be split into an independent sector regulator, and an "investor vehicle". At the moment, however, it is not clear how the assets of the current firm would be split up. NNPC currently represents national interests in oil and gas exploration, manages the energy sector and is the industry regulator. It has been accused of failing to account for tens of billions of dollars in the last few years, but the firm's managers consistently claim no money has been lost.