Some Nigerians see the Nigeria National Petroleum Corporation, NNPC as the headquarters of graft. Its hard not to believe them. Trillions of dollars of oil revenue have disappeared through the State oil company.

One of the men coveting President Buhari’s job, Atiku Abubakar believes the solution to the rot in oil sector would be to sell the corporation to private individuals and businesses, removing NNPC’s hands in the management of Nigeria’s oil revenue.

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“The United States pump more oil than Nigeria, yet they don’t have a Ministry of Petroleum Resources”, Abubakar told reporters Sunday night in the capital, Abuja.

“If I have my way, I will hand over the entire thing to the private sector and I will get more money than what the government is getting now,” he told a press conference in the capital, Abuja.

The Nigerian National Petroleum Corp. manages joint ventures between the government and international oil companies including Royal Dutch Shell plc, Total S.A. and Chevron Corp, and many believe it hasn’t done a good job of it.

Refineries Too

Atiku, who was once a vice president, is seeking the main opposition People’s Democratic Party, PDP’s nomination to defeat Muhammadu Buhari who will run for a second term in February. The PDP will choose its candidate during a national convention on October 5 and 6.

Abubakar also said he would privatize the nation’s poorly maintained and inefficient oil refineries.

“Since we have failed to get our refineries to work and produce the by-product, why not privatize them and let other people that can produce the wealth for us, produce the wealth for us” he added.