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Nigerian National Petroleum Corporation Nigeria to break state oil company into 30 units

Under the new arrangement, each of the 30 units will have its Chief Executive and will be accountable for their tiles, Managing Director Emmanuel Kachikwu said.

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Nigeria produce about 2 million barrels of oil daily. play

Nigeria produce about 2 million barrels of oil daily.

(AFP Photo)

African's largest oil producer is to break up its state oil company into 30 companies to ensure transparency and accountability.

Under the new arrangement, each of the 30 units will have its Chief Executive and will be accountable for their tiles, Managing Director Emmanuel Kachikwu said.

"For the first time, we are unbundling the subset of the NNPC [Nigerian National Petroleum Corporation] to 30 independent companies with their own managing directors," Kachikwu, who is also the state minister for petroleum resources said in a statement.

"Titles like group executive directors are going to disappear and in their place you are going to have chief executive officers and they are going to take responsibilities for their titles," he said.

"At the end of the day, the CEO of an upstream company must deliver an upstream result."

Nigeria produces about 2 million barrels of oil daily.

The state oil company posted a 267 billion naira ($1.34 billion) loss last year, dragged down by its refining division.

Nigeria has an opaque bureaucracy that manages it oil industry and president Muhammadu Buhari is determined to break it up.

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