By Michael Eboh with Agency Report

The Federal Government has broken up the controversial Petroleum Industry Bill into different versions and is proposing splitting the Nigerian National Petroleum Corporation, NNPC, into two companies — the Nigeria Petroleum Assets Management Company (NPAM) and a National Oil Company (NOC)  that would be run on commercial lines and partly privatised.

According to a report obtained from Reuters, Monday, the Federal Government is breaking up the PIB and is replacing it first with a law to ‎overhaul the petroleum sector with the aim of closing loopholes that bred corruption.