NNPC To Be Split Into 30 Companies To Make More Money

The Nigerian National Petroleum Corporation (NNPC) is set to be split into 30 profit-making companies, so said the the Minister of State for Petroleum Resources and Group Managing Director of the NNPC, Ibe Kachikwu. The minister also disclosed that each of the thirty companies would have its own managing director.

His words: “For the first time, we are unbundling the subset of the NNPC to 30 independent companies with their own Managing Directors.” 

Mr. Kachikwu said this in his address at the 25th Oloibiri Lecture Series and Energy Forum in Abuja.

 

“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.”

The Federal Government’s plan to unbundle the NNPC is expected to happen in a matter of weeks.