President Muhammadu Buhari has revealed that he would break into two parts, the Nigerian National Petroleum Corporation.

Buhari said that the national oil company will be divided into an ‘independent regulator’ and an ‘investment vehicle’.

The President stated this in an interview with journalists in Washington DC during a four-day visit to the United States.

An extract of the interview was made available to Punch Newspapers.

Buhari also informed his interviewers that there would be a new transparent bid round for oil blocks in the country.

He said:

” I am reforming the oil and gas sector, breaking up the NNPC (the state oil company) 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.

I will also end political control of the awarding of drilling and exploration rights by introducing a system of independent, transparent auctioning for licences.

Lastly, we shall be asking foreign countries, including authorities here in the United States, to work with us to return stolen funds that are now sitting in private accounts in their banks and rightfully belong to the people of Nigeria.”