President Muhammadu Buhari has finally revealed what will be the fate of the Nigerian National Petroleum Corporation, saying the national 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 cesspool of corruption and fraud signposted 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 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 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 these corruption 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.
Source - Punch
If he like slipt into 100 me no get job thereself
ReplyDeleteWow! Revoking oil blocs license? Boldest move ever!
DeleteIn order words, he is saying that those people that did not vote for him should not expect much from him or they should expect to be treated equally as those that voted for him.
ReplyDeleteDumb head...OMG! I can't deal with moronic beings.
DeleteDumb head...OMG! I can't deal with moronic beings.
Delete@ Pixie, epic reply! Lol
Deletea.k.a EDWIN CHINEDU AZUBUKO said..
ReplyDelete.
I just hope this will provide more work though.....
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***CURRENTLY IN JUPITER***
Enough of this empty talks already.
ReplyDeleteHas he done anything concrete since taking over the government?
It is always I will do this, I will do that.
If he wants to break up the NNPC into 5 entities, he should just get on with it.
It is almost 3 months, b4 you know it, it is 4 years already.
Lack of patience...u sound like one.
DeleteHe is always "Set" to do things.
ReplyDeleteWhen will he kick off the real deal?
Bonjour Stella. By thé way am seeing things. Like thèse Apc ré only interested in Oïl. Cos thats they only Music vé been singing since thé won élection. Dalu.
ReplyDeleteBonjour Stella. By thé way am seeing things. Like thèse Apc ré only interested in Oïl. Cos thats they only Music vé been singing since thé won élection. Dalu.
ReplyDeleteWhy are his publishings not 'buhari splits, buhari does, buhari is' why's it always buhari will, buhari would, buhari to do' etc. Pls just stay out of d news until you've done something, not all these Ur to do and would do.
ReplyDeleteNice move baba
ReplyDeleteWell said Mr president, good move in the right direction.
ReplyDeleteI smell change
ReplyDeleteOk
ReplyDeleteThis man is taking all the right steps! Way to go Presido! Sai Baba!
ReplyDeleteVery good development for nnpc.
ReplyDeleteFor the oil blocs,i just shake my head wen I remember how desperately GEJ and his goons fought to remain in power just so they won't return these blocs by 2016 for recycling,thereby their endless amassing of fortune from it continue,:only a certain group of pple!how wicked our leaders were.they did not know dat the Almighty had answered d prayers of the poor and has decided to change d destiny of nigeria like he did Jabez!
I trust Baba to handle this bid and makes sure it goes to the right pple.
This is the beginning of resurrection' of nigeria if these oil frauds are nipped.
#sai Baba#
#God bless Baba#
You can say that again. The one I'm most happy about is that henceforth, the monies made from crude sales would be sent straight into the federation account, and not to NNPC like they used to. Cos NNPC was in charge of the sharing formula, which was why the misappropriation of funds started.
DeleteGrand pa bubu has good ideas. Think I like d idea of breaking up nnpc. Truth is nnpc is super corrupt, and have embezzled so much of Nigeria's money, but Pls buhari shld make sure that oil block bid is done in a transparent way, cos I see him highly favouring d likes of his friends like "obusonjo", abubakar and co ( d once he refused to prob). Oga Pls be fair with Niger delta oil oh. Do not forget that the north doesn't produce a single oil in Nigeria, ( and in fact almost doesn't add any value to this country) . I hope d oil block will reach non northerners. Thank u in advance sir.
ReplyDeleteIf only our government will invest into the production of wool and cocoa, this country would be better for it and not depend solely on oil.
DeleteI hope the bid for the blocks and exploration rights would be fair without any favouritism or bias. This is a very sensitive area so the government should thread with caution. We don't want another fuel scarcity brouhaha.
ReplyDeleteThe north doesn't add any value to Nigeria you say? where do you think the meat and some foods you eat come from. If there is no food will you drink oil?. You made some valid points but also give credit where credit is due.
ReplyDeleteHelloooo, am I the only one wondering why there is the cut toff mark to query corruption to just GEJ's tenure. The was massive looting of state funds under Obasanjo and Babangida. Surely Obasanjo's tenure is recent enough to investigate. I am sorry but instead of going into every single instance of looting (big and small) in the last administration, I would look to investigate the largest incidents of looting including the how many billions that dissapeared in Babangida's era. All round the world that is how things are gone. You target based on value not just on time. Think of the amount of money the country stands to get back if we start chasing after all the biggest theives from the past!!
ReplyDeleteIf Buhari is serious with his message about corruption, he should make it clear there is no time limit and target the larger scale looting incidents. The moral of this his approach is just
1. As a sitting president, never concede defeat to anyone
2. At the end of your tenure, make sure you pass on to a friendly administration - like Obasanjo did, as they will not probe you and it will be considered too old to probe even if that administration looses out to a hostile administration.
I can see no credible reason for him limiting his probe to just the last administration. If he can break his word about not probing GEJ's administration, surely he can break his word and at the very least probe all the large scale looting that has taken place to ensure people know there is no time limit. As he is probing the oil sector he should probe it right back to Shagari's era!!!
That is the only message Nigerian's will understand, that even if you get away with things, 40 years later, some other president could still look into things so there is no point in stealing public funds!!! It galls me every time I see OBJ swaggering around mouthing off about what is needed to move Nigeria forward. That is no different from waking up to see the armed robber who broke into your house last week preaching in church about how people need to be Godly.
This country needs a proper audit of it's books from as far back as possible. We can build more jails to accomodate the new inmates. I am sure NYSC participants would be honoured to help build them all over the country. After all contrary to the common perception in Nigeria, jails are not meant for just the hungry man on the street who steals a loaf of bread in the market or a mobile phone to sell to get money for food.
Salient points raised. But look at it this way, even with the past administration, getting concrete evidence hasn't been easy. So imagine if he had to probe IBB and the rest, events have overtaken their deeds, facts distorted, vanished files with no records, and it would take eternity to bring such to book.
DeleteEspecially when most of the people involved are either dead or have become broke. So how would refunds be made? Or how can anyone be jailed without admissible evidence?
A good example is the Fani Kayode's case that just rounded off after so many years. The truth is that the man stole monies, but the EFCC was left with the burden of proof, and they couldn't prove jack. So u see how frustrating it would be to date back the probing exercise. Resources will be wasted yet again, and it'll be a futile venture. He should deal with the fresh ones and it'll mark the beginning of the rest of Nigeria, as subsequent leaders will act with fear and not steal like the past ones did. It's a precedent that should be encouraged
Well said but it's only logical not to overload the anti graft agencies with the misappropriations of all the past administrations simultaneously.
DeleteBesides, it is an open secret that the corruption that took place under the watch of GEJ is unprecedented hence its a pretty nice point to begin the clean up.
@money mumu he is keeping the Nigerian people updated on his plans for the country. If he doesn't let Nigerians know what his plans are now, idiots like you will say Nigerians don't know what is going on and that nobody is keeping them in the loop on what his plans are for the country. Now that he is keeping Nigerians in the loop and letting us know what his plan for Nigeria is, fools like you are still complaining. He is doing his job, there are people working in the background so keep quiet already. Ministries are doing their job, government departments are doing their job. If don't know what it takes to run a government shut the hell up. And you call yourself a "businesses" man. When you travel out of the country does your business stop running because you traveled out? in your case maybe it does because you're very stupid.
ReplyDelete@Anon 12:21,He needs to stop running his mouth and do something that will benefit the citizens.
DeleteAll I can see ahead is Northerners getting oil blocks and a few token westerners being assigned a few blocks under this new transparent process since they are the ones that voted for him.
ReplyDeleteI have not heard your president utter a single word on the plight of the people in the oil producing areas who suffer the environmental damage in order that the oil is extracted for the whole country. On the other hand, i have heard him say a lot about Boko Haram.
People drink oil contaminated water, people live in villages so remote and cut off from the rest of the world that when their only source of lively hood (fishing) is impossible due to the pollution, they do nothing to discourage their kids joining militant groups since that brings in food for their families. This is in a country where apart from GEJ no other president has thought of them as being human beings with lives worth anything. Even with GEJ, they were only offered something - the amnesty program because they had armed themselves and become a thorn in the flesh of the country. I foresee a situation when it all kicks off again since the president obviously intends to ignore them.
@anon,if u are from the niger delta and u will be honest with urself,ur leaders,elites,elderstatesmen have been ur problem from back in time!we know and are aware of billions every govt pump into the niger delta as amnesty and compensation for indigenes,where do the monies go?strait to their pockets.where after amassing,they hire the jobless youths give them stipends to continue harassing govt calling themselves militants so more monies can be released!and dats how d circle of doom continues,whose fault?
DeleteUr second point dat Buhari talks abt bokoharam cos it's in his region?how cold could dat statement be!for Godsakes pple are being killed everyday by this insurgents,even for the sake of the blood of the innocent no matter d region,u should be humane enuf to know it needs urgent attention.pls u pple should stop dis ethnicity,dats what is killing us slowly,haba!
I like the idea of breaking up Nigeria even more!!!!!
ReplyDeleteChai.
ReplyDeleteOh Jesus
Blessed Saviour
BGS,touch not my anointed o
Leave NNPC alone
If you want an oil bloc,pls take it after all,they are all owned by your aboki brothers.
Do not witch-hunt people at NNPC,pls point your torch to Diezani n her goons. They messed up NNPC.
Well said
ReplyDeleteBut i hope the oil block will not go round is party members
THELMA ENEMUWE said...
ReplyDeleteAm sitting on the fence on this..
*faithful BV enemuwe thelma*
This man eh. One part to North and the other to South, East n West. Eze comot another Eze will come in one day.
ReplyDelete12:14 why did you not send your epistle to GEJ when he was in power to probe OBJ and all the people you accuse of corruption now. Why did GEJ not bring corrupt people to book, why did he make corruption worse by robbing the country blind. at least OBJ paid our debt and left substantial money in our coffers. Where is that money and what did GEJ do with it. Think before you comment it can only help you in life.
ReplyDeleteAnon 12:24 charity begins at home, how many of the issues you listed were addressed by GEJ when he was president. He did not even do anything for his state and his people and you are now blaming Buhari for those issues and GEJ's incompetence. Do you know how stupid you sound?
ReplyDeleteIrene B shit for body as many times as you like, NNPC will be broken down so that you and your thieving partners will not continue to steal and rob Nigerians with impunity.
ReplyDeleteGood idea....work on it! make it a reality
ReplyDeleteWelldone baba....do you!!!
ReplyDeleteWelldone baba....do you!!!
ReplyDeleteProbe shouldn't be even by administration alone.
ReplyDeleteSo are you guys saying the things stolen by IBB n the fraudulent companies OBJ privatised should still be left in their hands?
So you don't dig far?
The fraud and theft has been perpetuated even to their 3rd generation.
GEJ's govt stole money.
OBJ n co stole resources (which is even higher) because they set themselves up for life.
The veils of these fraudulently registered companies acquiring stock or buying over Government properties should be lifted. The privatisation of Nitel, of PHCN that failed and is still failing. Oando nko? The whole share debacle. You can't claim you don't know what went down?
Even Mtn and all introduced during that era.
The senior advocates laundering money for them and churches too. Won't say more.
Buhari is a miscreant himself. So I don't expect him not to be selective. He won't dare IBB, his nemesis. Besides, his playmakers have damaging data to ruin him too. And once his credibility vanishes, there goes the hope.