(Ecofin Agency) - The Federal Government of Nigeria with the aim of closing all loopholes that gave rise to corruption, has decided to split the Petroleum Industry Bill (PIB) into different versions and also divide the Nigerian National Petroleum Corporation (NNPC) into two companies, Vanguard News reports.

Indeed the NNPC is to be divided into two companies which are; the Nigeria Petroleum Assets Management Company (NPAM) and a National Oil Company (NOC).  The NOC is to be run on commercial lines and will also be partly privatized.

According to a draft of the new bill seen by Reuters, the government is to first replace the PIB with a law that will modernize the sector.