9 March 2016
President Muhammadu Buhari on Tuesday approved the immediate unbundling of the Nigerian National Petroleum Corporation, NNPC, into seven independent operational units.
The Minister of State for Petroleum Resources, Ibe Kachikwu, announced the split of the state-owned oil company in Abuja, Nigeria’s capital on Tuesday.
The new units are Upstream, Downstream, Gas & Power, Refineries, Ventures, Corporate Planning & Services and Finance & Accounts.
With the announcement of this new policy road map, the realigned NNPC comprises of five business-focused and two service driven units.
The chief executives of the new units are: Bello Rabiu (Upstream); Sa’idu Mohammed (Gas and Power); (Anibor Kragha) Refining; Henry Ikem-Obih (Downstream); Babatunde Victor Adeniran (Ventures).
Others are Isiaka Abdulrazaq (Finance & Accounts) and Isa Inuwa (Corporate Planning & Services).
The new NNPC design is based on ‘FACT’ organisation which is Focused, Accountable, Competitive and Transparent.
According to NNPC, “the organizational realignment is not about staff layoffs, but about placing the right people in the right places to do the right thing”.
NNPC also announced a remarkable decrease in its operating deficits. “Our January 2016 Financial and Operations report showed our monthly operating deficits reduce from average of N30bn in August 15 to N3bn in January 16.
“This is a remarkable decrease of 900% which could only have been achieved by the collective effort of the entire team at NNPC,” it said.
COMMENT RECEIVED
I noticed the 900% decrease in the last sentence. In the physical world it maxes out at 100% so has NNPC gone meta physical?
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