Nigeria To Sell 40% of NNPC In 10 Years

Nigeria To Sell 40% of NNPC In 10 Years

Based on the current plan of the Nigerian government, 40% shareholding of the Nigeria National Petroleum Corporation, NNPC will be available for sale in the next 10 years, if the draft bill passed by the presidency is passed by the upper chamber of the parliament.

According to a Bloomberg report, The reform bill planned to divest about 10% of the NNPC in the next five years. Looking at the bigger picture, the bill provided for 51% of the corporation to be owned by the Federal Ministry of Petroleum Resources. While the Bureau of Public Enterprise will hold 49%. The latter might then be sold to private investors and or floated at the Nigerian Stock Exchange, NSE.

BUHARI
President Mohammadu Buhari.

The NNPC has over time been criticized as a cesspit of official corruption. The corporation made about NGN267 billion ($1.34 billion) loss in 2015. To dismantle the web of corruption, the minister had gotten the assent of the President Muhammadu Buhari to restructure the NNPC into five divisions- upstream, downstream, gas and power, refinery and a ventures group.