President Muhammadu Buhari may clash with the National Assembly as he has approved the immediate unbundling of the Nigerian National Petroleum Corporation (NNPC) into seven independent operational units and appointments of heads, with immediate effect, for the units without any Executive Bill to that effect sent to the lawmakers.
The National Assembly had on Tuesday criticised earlier disclosure by Minister of State for Petroleum Resources, Ibe Kachikwu, that the corporation would be unbundled in days.
Kachikwu, who announced the new status of the oil company in Abuja on Tuesday in Abuja stated that five of the seven operational units will be strictly business-focused in line with global best practices of national oil companies.
According to him, the new units which make up the NNPC now include Upstream unit, Downstream unit, Refineries unit, Ventures unit, Gas and Power unit, Corporate Planning and Services unit, and Finance and Accounts unit.
Each unit would be headed by Chief Executive Officers, which are: Bello Rabiu for Upstream; Henry Ikem-Onih for Downstream; Anibor Kragha for Refineries; Saudu Mohammed for Gas and Power; and Babatunde Adeniran for Ventures.
The Group Executive Director in charge of Finance and Services would be Isiaka Abdulrazaq, while the Executive Head, Corporate Services will be Isa Inuwa.
The Street Reporters recalls that the Minister had announced late last week that the NNPC will be unbundled into 30 competitive revenue generating subsidiaries in weeks to come, a move, he said, would reposition the corporation to bring in huge profits.
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