Nigeria moves to overhaul petroleum sector

In a statement Nigerian President Muhammadu Buhari said, he had appointed a board for state-oil firm NNPC and directed that it should be incorporated within six months.

The move is likely to allow NNPC to sell shares in the future.

Incidentally, last month, Buhari who also doubles as Nigeria’s petroleum minister, signed an oil bill into law which had been in the works for nearly two decades. The bill is aimed at overhaul the petroleum sector and turn the state-owned oil company into a private firm.

The new oil law requires NNPC to be incorporated within six months, said Buhari in a statement.

He has also appointed Ifeanyi Ararume as NNPC’s chairman; its current CEO Mele Kyari will continue to lead the firm once it is incorporated.

In a statement, Kyari said NNPC could consider an initial public offering (IPO) within three years. Last month, Buhari said in 2020 NNPC made its first profit in 44 years.

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