TheCable

The federal government has split the Nigerian National Petroleum Corporation (NNPC) into seven independent operational units.

Ibe Kachikwu, minister of state for petroleum resources, announced this in Abuja on Tuesday, listing the units as upstream, downstream, gas and power, refineries, ventures, corporate planning and services, and finance and accounts.

Kachikwu explained that the distribution of subsidiary companies of the corporation would further be restructured into direct management of the divisions.

He announced the heads of the units as Bello Rabiu (upstream), Henry Ikem-Onih (downstream), Saudu Mohammed (gas & power), and Babatunde Adeniran (ventures).

Others are Anibor Kragha (refineries),  Isiaka Abdulrazaq (finance & services), and Isa Inuwa (corporate services).

Last week, Kachikwu announced that the government was planning to unbundle the corporation into 30 profitable companies.

“For the first time, we are unbundling the subset of the NNPC to 30 independent companies with their own managing directors,” he had said.

“Titles like group executive directors are going to disappear and in their place you are going to have CEO 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.”