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HomeNewsEconomyFG to split NNPC into 30 profiting companies

FG to split NNPC into 30 profiting companies

Federal Government is put in place a plan to split the Nigeria National Petroleum Corporation (NNPC) into 30 profit making companies.

The Minister of State for Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, who revealed this in Abuja Thursday at the 25th Oloibiri Lecture Series, also stated that the Corporation has been moved from a loss position of N160 billion to some N3 billion by January 2016, as he added that by year’s end the Corporation should start making some profit.

In a statement from the Group General Manager, Group Public Affairs Division, Ohi Alegbe, Kachikwu said: “For the first time, we are unbundling the subset of the NNPC to 30 independent companies with their own Managing Directors. Titles like Group Executive Directors are going to disappear and in their place you are going to have Chief Executive Officers and they are going to take responsibilities for their titles. At the end of the day, the CEO of an upstream company must deliver an upstream result”.

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Also in his speech, the Minister of State for Petroleum disclosed that as part of measures to stabilise crude oil prices, some members of the Organisation of the Petroleum Exporting Countries (OPEC) are scheduled to meet in Russia on 20th March, 2016, in Moscow to fine tune collaborative strategies.

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