No, We Have Not Unbundled Nnpc- Kachikwu

BEVERLY HILLS, March 09, (THEWILL) – Minister of State for Petroleum Resources, Dr. Ibe Kachikwu has clarified that government has not unbundled the Nigeria National Petroleum Cooperation, NNPC but simply re-organized it.

Speaking with state house correspondents on Wednesday, after the Federal Executive Council meeting (FEC), at the Presidential Villa, Abuja, Kachikwu revealed that the government only restructured the corporation for the sake of efficiency.

“We have not unbundled NNPC. We had a press conference yesterday where I explained this. What we have simply done is re-organization,” he said.

“We have five business entities focused on business: upstream, downstream, refineries, gas and power that are there before. There is also ventures that capture all our little companies that were not having proper stewardship.

“They are run by individuals who report to the GMD. The NNPC is still a whole. There is nothing new that has happened.

“I have tried to explain this and I am sure the NNPC workers are members of the family; they will understand. We are going to have a meeting, and they will be made to understand. Perhaps the engagement has not been good enough.

“NNPC has not been unbundled in the sense of breaking up NNPC into distinct institutions. I am concerned. I don't want the industry shut down. I am sure we are going to resolve the issues very soon.”

The clarification came on the heels of protest and dissatisfaction by the senate and members of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) who shut down the operations of the NNPC nationwide in protest.

Story by David Oputah