Federal Government plans to create 30 different companies from NNPC - BeVibez Media

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Federal Government plans to create 30 different companies from NNPC

Speaking at the Oloibiri Lecture Series and Energy Forum, organized by the Society of Petroleum Explorationists, SPE, Nigeria Council, in Abuja, the
Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, yesterday, revealed that the Nigerian National Petroleum Corporation, NNPC,
would become profitable again by July 2016, the
corporation's first profits in
15 years.
Kachikwu also said that there would be an overhaul
of the NNPC within the next week which would see
the NNPC break up into about five companies, while
the sub-sets of the NNPC would be broken into 30 companies.

He said:
“I am happy that we are getting the
cooperation of everybody within the system,
that is the only way we can guarantee work
for those who work there and career paths
that are sustainable.”
Kachikwu, who is the Group Managing Director of
the NNPC, maintained that the expected return to
profitability would also mean that the Nigerian Oil
Industry will be able to compete effectively in the global oil industry.

He added:
“That is just a tip of the iceberg because by
the time these 30 companies are unbundled
and the Managing Directors will set
programmes, you are going to meet us in an
active world. It means we are all going to
compete, we are going to make these things
He also said that the overhaul of the NNPC and its
subsidiaries, would eliminate titles such as ‘Group
Executive Directors’ and replace them with Chief Executive Officers.

SOURCE: Vanguard

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