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NNPC to Cut Off Middlemen in Buying and Selling of Oil

New managers of the Nigerian National Petroleum Corporation, NNPC, announced on Tuesday that Nigeria will start selling and buying oil and gasoline directly to cut out middlemen and curb graft.

The major policy shift fits new President Muhammadu Buhari’s plan to halt corruption endemic in the industry in Africa’s biggest oil producer.
A statement from spokesman Ohi Alegbe said the decision was made after a screening of previously used and prequalified petroleum product importers revealed almost all the 34 international and 10 local companies were middleman businesses.

The shift is “a major steer designed to enshrine transparency and eliminate the activities of middlemen in the crude oil exchange”, said the statement from the corporation’s new management. One of Buhari’s first acts as president was to fire all the old managers.


Source: News24

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