President Muhammadu Buhari

ABUJA, (Reuters) – Nigerian President Muhammadu Buhari plans to split the state oil company into two entities, his Special Adviser on Media and Publicity said on Saturday.

The Nigerian National Petroleum Corporation (NNPC)has been accused of failing to account for billions of dollars in the last few years but it has said that the money was not lost.

Buhari, inaugurated on May 29 after being elected on promises to combat corruption, has made clear he wants to overhaul the oil sector, which provides the government with around 70 percent of its revenue.

The NNPC currently represents national interests in oil and gas exploration, manages the energy sector and is the industry regulator in Africa’s top crude producer.

“Mr president will soon split the NNPC into two entities. One will be an independent regulator and the other one an investor vehicle,” said spokesman Femi Adesina, who did not a provide a timeframe for the restructuring.

Last month Buhari dissolved the NNPC board and more sackings are expected.

Buhari, who has said he does not intend to appoint a cabinet until September, is widely expected to keep the petroleum portfolio for himself.