The report said the probe, which the President commissioned "quietly", was aimed at the activities of the state-run Nigerian National Petroleum Corporation (NNPC) as well the power sector.

Opposition politicians and other concerned citizens have called for a probe of the oil firm, which they described as a cesspool of corruption, especially since the recent sack of former Group Managing Director, Funsho Kupolokun.

The Guardian said areas of interest in the probe would include who owns the firm that got a recent US$1.9 billion contract from the firm and whether due process was followed in the award of the contract.

The NNPC probe will also inquire into the award of oil blocks and whether Nigeria has been getting value for its oil.

In the power sector, the President is interested in how the last administration spent a whopping 900 billion naira on the sector without a commensurate benefit for Nigerians, who have been suffering under the worst power rationing in the country in recent times.

During his eight-year tenure, former President Olusegun Obasanjo personally presided over the oil sector, just like current President Yar"Adua.

PIN/Africanews.Com