Nigeria’s minister of state for Petroleum Resources, Dr. Ibe Kachikwu, on Wednesday, March 10, 2016 in Abuja clarified that the Federal Government is not ‘unbundling’ the state oil company, the Nigerian National Petroleum Corporation (NNPC).
Kachikwu, who is also the group managing director (GMD) of NNPC, while speaking with State House correspondents said that the current controversial exercise is “restructuring” and not “unbundling”.
He said that the corporation was undergoing re-organisation to achieve greater efficiency in the oil sector which accounts for over 80% of the government revenue of Nigeria.
“We have not unbundled NNPC. We had a press conference yesterday where I explained this.
“What we have simply done is reorganisation. We have five business entities focused on business- Upstream, Downstream, Refineries, Gas and Power, that are there before.
“There is also ventures that capture all our little companies that were not having proper stewardship.
“They are run by individuals who report to the GMD. The NNPC is still a whole. There is nothing new that has happened.
“I have tried to explain this and I am sure the NNPC workers are members of the family, they will understand.
“We are going to have a meeting, and they will be made to understand. Perhaps the engagement has not been good enough.
“NNPC has not been unbundled in the sense of breaking up NNPC into distinct institutions. I am concerned.
“I don’t want the industry shut down. I am sure we are going to resolve the issues very soon,’’ he further explained.