Minister says FG to split NNPC into 30 companies

chika ebuzor

March 4, 2016 5:42 AM

Kachikwu said this at a lecture series organised by the Society of Petroleum Engineers’ in Abuja.

The Minister of state for petroleum resources and Group Managing Director of the

He said “But what is more important is that at the same time, we are also unbundling the subsets of these companies to close to about 30 independent companies with their own managing directors; and so, titles like the group executive directors, which you have been used to in the last 30 years, will disappear; and in place of those, you are going to have chief executive officers.”

Adding that “So, at the end of the day, a CEO of an upstream company must deliver upstream results, and we are very focused on that and along those chains. We are doing very dramatic things within the sector to bring the change and I am happy that we are gaining the cooperation of people within the industry; that is the only way we can guarantee sustainable career path for those in the industry.”

Read: NNPC loses N267bn

“We are potentially moving in a direction where quite frankly for the first time in about 15 years, this company will be profitable; but that is a tip of the iceberg, because by the time these 30 companies are unbundled with their managing directors setting programmes, you are going to meet us in the active work space, we are going to be competing and we are going to make these things work,” Kachikwu said.

Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) and Petroleum Tankers Drivers(PTD), are blaming the Nigerian National Petroleum Corporation (NNPC) for the current scarcity of fuel.

chika ebuzor