President Muhammadu Buhari has approved the splitting of the Nigerian National Petroleum Commission, NNPC into four autonomous companies, ThisDay reports.
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This disclosure was made known to pressmen by Nigeria’s Minister of State for Petroleum Resources and the corporation’s group managing director, Ibe Kachikwu, on Thursday, December 17, at a town hall meeting in Abuja.
According to him, the next phase of the restructuring, as approved by the president, would see the state oil company broken into four different autonomous profit-oriented companies.
“Right now I have just received the president’s approval to embark on the final phase of the restructuring we are doing,”
“That restructuring effort will unbundle this company into four key components: the upstream company, the downstream company, midstream company which is the gas and power company and then of course, the refining group holding company.”
“All of them would operate independently with quasi-managing directors and remit profits and taxes to the coffers of the government,” he said.
He further explained that the effect of the restructuring would enable NNPC to focus on individuals who will lead as quasi-managing directors to run the entities with the aim of delivering profits for the organisation.