Nigerian FG to split NNPC into 30 firms to improve efficiency

 

The federal government has announced the plans to split the Nigerian National Petroleum Corporation (NNPC) into five operational zones and 30 independent companies, each with its own Chief Executive Officers.

Speaking at the 25th anniversary of the Oloibiri Lecture Series and Energy Forum in Abuja on Thursday, Kachikwu said: "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.

In his welcome remarks, the Chairman of the Society of Petroleum Engineers (SPE), Engr. George Kalu, said the Oloibiri Lecture Series and Energy Forum of this year coincided with 60 years of oil exploration and production in Nigeria.

He said that the low price of crude oil afforded Nigeria the opportunity to reduce cost through industry collaboration.