The Nigeria National Petroleum Corporation (NNPC) has been scraped by the Senate. This is following the passage of the controversial Petroleum Industry Governance Bill (PIGB).
vERGE24.com gathered that the Senate had on Thursday May 25, considered and passed the much talked about PIGB, after its clause by clause consideration.
In place of NNPC, the Senate recommended the establishment of three new agencies to effectively manage the largely troubled oil and gas sector.
Among the agencies established in the bill, is the Nigerian Petroleum Regulatory Commission (NPRC), which shall be headed by a Chairman.
The commission will also consist of Commissioners, whose appointments and removal shall be subject to Senate approval.
The Petroleum Product Pricing Regulatory Agency (PPPRA) is now under the new commission.
The PIGB also established the Nigerian Petroleum Asset Management Company (NPAMC) and National Petroleum Company (NPC), to coordinate the activities of other existing agencies, including the Department of Petroleum Resources (DPR).