The Federal Government has finally made good its promise to unbundle the Nigerian National Petroleum Corporation (NNPC), as a step in reforming the Nigeria’s much-criticised oil sector.
The Minister of State for Petroleum Resources, Ibe Kachikwu, announced the breaking of the national oil company into seven independent operational units.
President Muhammadu Buhari approved the changes on Tuesday, the minister said.
Kachikwu said five of the seven operational units will be strictly be business-oriented in line with global best practices of national oil companies.
The new units include those for Upstream, Downstream, Gas & Power, Refineries, Ventures, Corporate Planning & Services and Finance and Accounts.
Each of the units would be headed by chief executive officers.
Kachikwu named the chief executives as Bello Rabiu (Upstream); Henry Ikem-Onih (downstream); Anibor Kragha (Refineries); Saudu Mohammed (Gas & Power), while Babatunde Adeniran will head Ventures.
The Group Executive Director in charge of Finance & Services would be Isiaka Abdulrazaq, while the Executive Head, Corporate Services will be Isa Inuwa.
According to the minister, all appointments take immediate effect.