Nigerian National Petroleum Corp (NNPC) is to be unbundled into 30 independent companies

Nigerian National Petroleum Corp (NNPC) is to be split into 30 independent companies within weeks, group managing director, Emmanuel Kachikwu says.
Plans to break up the company are part of efforts to dismantle non transparent structures that encouraged theft.
“For the first time, we are unbundling the subset of the NNPC to 30 independent companies with their own managing directors,” Emmanuel Kachikwu, also minister of state for petroleum who was appointed head of NNPC last year to overhaul the company, told a conference 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,” he said.
Kachikwu also told the conference members of OPEC plan to meet other oil producers in Russia around March 20 for new talks on an oil output freeze.
NNPC was established on April 1, 1977 as a merger of the Nigerian National Oil Corporation and the Federal Ministry of Mines and Steel. NNPC by law manages the joint venture between the Nigerian federal government and a number of foreign multinational corporations,
The unbundling may peach the executive against the National Assembly, as it may require legislative approval for the unbundling.
By Kede Aihie
Editor in Chief

Author: nmmin

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