Breaking: Nnpc Unbundled Into Seven Units

SAN FRANCISCO, March 08, (THEWILL) – President Muhammadu Buhari has approved the immediate unbundling of the Nigerian National Petroleum Corporation (NNPC) into seven independent operational units and appointments of heads, with immediate effect, for the units.

This was revealed by Minister of State for Petroleum Resources, Ibe Kachikwu, on Tuesday, who announced the new status of the oil company in Abuja.

According to him, five of the seven operational units will be strictly business-focused in line with global best practices of national oil companies.

The new units which make up the NNPC now include Upstream unit, Downstream unit, Refineries unit, Ventures unit, Gas and Power unit, Corporate Planning and Services unit, and Finance and Accounts unit.

Each unit would be headed by Chief Executive Officers, which are: Bello Rabiu for Upstream; Henry Ikem-Onih for Downstream; Anibor Kragha for Refineries; Saudu Mohammed for Gas and Power; and Babatunde Adeniran for Ventures.

The Group Executive Director in charge of Finance and Services would be Isiaka Abdulrazaq, while the Executive Head, Corporate Services will be Isa Inuwa.

THEWILL recalls that the Minister had announced last week that the NNPC will be unbundled into 30 competitive revenue generating subsidiaries in weeks to come.

He had said that the move would reposition the corporation to bring in huge profits which has been impossible to achieve in the past 15 years adding that each of the companies would have its separate managing director as part of the ongoing transformation of the national oil company.

Story by David Oputah