Wednesday, 9 March 2016

NNPC reorganised, not unbundled – Kachikwu says

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