(Ecofin Agency) - The President of Nigeria Muhammadu Buhari has announced that he would head the Ministry of Petroleum Resources in the new cabinet. This he revealed in New York, United States, after addressing a Global Leaders’ Summit on Countering ISIL and Violent Extremism.

 “I will remain Minister of Petroleum, and I will appoint a Minister of State for Petroleum.” He said adding that this step would be part of efforts to sanitize Nigeria’s oil industry, which is said to be plagued by corruption, massive fraud, and crude oil theft.

Buhari stated again his resolve to clean up Nigeria’s oil industry and free it from corruption and shady deals.

He said that the first step in this direction had already been taken with the appointment of a new management for the NNPC and its subsequent re-organization.

The President said that the prosecution of those who misappropriated NNPC’s revenue under past administrations is to commence soon.