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Sweeping reforms geared towards a possible privatization of Nigeria’s oil giant, Nigerian National Petroleum Corporation (NNPC), will soon be announced by the Federal Government, the country’s Minister of State for Petroleum Resources, Ibe Kachikwu said on Thursday.
The effect of the shakeup would see the state-owned NNPC unbundled into four or five main operational zones namely – the upstream, downstream, midstream, refining and other companies.
According to the minister, what was more important is that these companies would be further unbundled into about 30 independent companies with their own managing director.
Kachikwu, who doubles as the Group Managing Director of the NNPC, made this known while speaking at the 25th anniversary of the Oloibiri Lecture Series and Energy Forum in Abuja on Thursday.
According to him, “Titles like the Group Executive Directors, which you have been used to in the last 30 years, will disappear and in place of that, you are going to have chief executive officers”.
“So, at the end of the day, a CEO of an upstream company must deliver me upstream results and we are very focused on that and along those chains, we are doing very dramatic things within the sector to bring the change”, he added.
Mr. Kachikwu said the NNPC is potentially moving in a direction where for the first time in about 15 years, it will be profitable.
“By the time these 30 companies are unbundled with their managing directors setting programmes, you are going to meet us in the active work space, we are going to be competing and we are going to make these things work”, Kachikwu disclosed.
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