Minister of State for Petroleum Resources and Group Managing Director of
the Nigeria National Petroleum Corporation NNPC, Ibe Kachikwu, says the
oil corporation is only being reorganized and not unbundled. He said
this while speaking with State House Correspondence after the Federal
Executive Council meeting today March 9th.
"We have not unbundled NNPC. We had a press conference yesterday where I
explained this. What we have simply done is reorganisation. We have
five business entities focus on business: Upstream, Downstream,
Refineries, Gas and Power that are there before. There is also Ventures
that captures all our little companies that were not having proper
stewardship. They are run by individuals who report to the GMD. The NNPC
is still a whole. There is nothing new that has happened. I have tried
to explain this and I am sure the NNPC workers are members of the
family, they will understand. We are going to have a meeting, and they
will be made to understand. Perhaps the engagement has not been good
enough. NNPC has not been unbundled in the sense of breaking up NNPC
into distinct institutions. I am concerned. I don’t want the industry
shut down. I am sure we are going to resolve the issues very soon,” he
said
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