ADVERTISEMENT
RADP / Pulse Ghana  >  news  >  business

Nigeria to break state oil company into 30 units

Abu Mubarik

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."

ADVERTISEMENT

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.

Enhance Your Pulse News Experience!

Get rewards worth up to $20 when selected to participate in our exclusive focus group. Your input will help us to make informed decisions that align with your needs and preferences.

I've got feedback!
Abu Mubarik Abu Mubarik Abu Mubarik is a writer at Pulse Ghana with special interests in Ghana politics, international relations and geopolitics.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.com.gh

ADVERTISEMENT