The federal government has finally, unbundled the behemoth Nigerian National Petroleum Corporation (NNPC) into seven divisions with separate chief operating officers (CEOs).
Minister of State for Petroleum Resources, Dr. Ibe Kackichwu, who has disclosed this yesterday said 20 sub-set companies has also been created, adding that the federal government’s plans to end the importation of petrol within the next 18 months.
Disclosing this in Abuja at a press briefing yesterday while unveiling a strategic policy direction for the oil and gas sector, Kachikwu explained that government is targeting 12 to 18 months period to end petrol imports working in collaboration with Joint Venture (JV) partners.
He said when this is achieved, the country will begin to look at export of refined products while retail business will also expand.
The minister who also gave details of the NNPC unbundling, informed that the state oil firm has been unbundled into seven major divisions and 20 sub-sets companies.
Kachikwu, who had last week informed that a major unbundling of the NNPC would be announced this week, said “the final phase of restructuring of the NNPC have been approved by President Muhammadu Buhari.”
He listed the new divisions to include, the Upstream, Downstream, Refineries, Gas and Power, Ventures, Corporate Services and Finance and Accounts Divisions, all of which would have 20 sub-set companies.
The minister further listed the new Chief Executive Officers (CEO) of the new divisions to include Bello Rabiu, CEO, Upstream, Henry Ikem-Obih, CEO Downstream, Anibor Kragha, CEO Refineries, Saidu Mohammed, CEO Gas and Power, Babatunde Adeniran, CEO Ventures, Isiaka Abdulrazaq, CEO Finance and Accounts, and Isa Inuwa, as the Executive head, Corporate Service.
