A new report has confirmed fears that many stakeholders in the energy sector has always had – that political involvement in the management of Nigeria-owned oil company, NNPC is its major drawback.

The new report which was prepared by professional services firm, Pricewaterhousecoppoers, PwC has pointed out a few anomalies and inefficiencies of the corporation arising from pure political interference.

According to PwC, “political involvement in the management of NNPC can lead to rapid turnover in key staff, creating difficulties in ability to execute strategic initiatives”.

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The report which is entitled, ‘The New Nation builders: Creating The African National Oil Company Of The Future,’ said the NNPC’s financial position had been a problem given the low oil price environment, as with other national oil companies.

It noted that, “issues relating to business irregularities (for example, sales of crude by non-approved entities) may have impacted the inflow of investment”.

To address sundry challenges, the report advocated the quick passage of the Petroleum Industry Bill.

The PIB, “has been in the works for years, creating uncertainty. Passing it will create an enabling environment and encourage international oil companies to make additional investments in the sector, particularly in exploration,” said PwC.

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