The federal government of Nigeria has approved the immediate unbundling of the Nigerian National Petroleum Corporation, NNPC, into seven independent operational units.
The approval was given on Tuesday by President Muhammadu Buhari and was announced by Minister of State for Petroleum Resources, Ibe Kachikwu.
Announcing the unbundling of NNPC in Abuja, Mr. Kachikwu said five of the seven operational units will be strictly business-focused in line with global best practices of national oil companies.
The new units include those for Upstream, Downstream, Gas & Power, Refineries, Ventures, Corporate Planning & Services and Finance and Accounts.
Each of the units would be headed by chief executive officers as follows:
Bello Rabiu for Upstream
Henry Ikem-Onih (downstream)
Anibor Kragha (Refineries)
Saudu Mohammed (Gas & Power)
Babatunde Adeniran (Ventures)
Isiaka Abdulrazaq (Finance & Services)
Isa Inuwa (Corporate Services)
All appointments are with immediate effect.
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