Kachikwu - NNPC is Re-organized Not Unbundled

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, says the Nigerian National Petroleum Corporation (NNPC) has not been unbundled.
Addressing reporters after the Federal Executive Council (FEC) meeting held on Wednesday, the Minister said the corporation was only being reorganised.
He said NNPC had five business entities – upstream, downstream, refineries, gas and power – with focus on business and that they were there before.
“We did not unbundle NNPC. The NNPC is still a whole, but there are companies that were not having proper stewardship.
“They are run by individuals who report to the Group Managing Director and therefore needed to be looked at,” he said.
Dr. Kachikwu admitted that the engagement, “perhaps has not been good enough”, promising to discuss with stakeholders and resolve the issues.
He said he was concerned that the industry had been shut down, assuring reporters that the issues would be resolved.
Seven Sub-divisions
He had on Tuesday announced the creation of seven sub-divisions which the NNPC would be broken into in the coming days.
Dr. Kachikwu said that the NNPC would not be unbundled into 30 subsidiaries as reported in the media, but will rather be broken into upstream, downstream, refineries, gas and power, ventures, finance and corporate services.
Dr. Kachikwu’s statement is aimed at addressing issues that had started after media reports quoted him to have said that the NNPC would be unbundled.
In reaction to the purported statement, the National Union Of Petroleum & Natural Gas Workers (NUPENG) and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) asked their members at various refineries in the nation to down tools.

In compliance, Port Harcourt Refinery and  all NNPC facilities in Rivers State have been shut down.
The unions said there were not just concerned about the purported unbundling process which lacked due process, but other labour matters that needed the attention of the Federal Government.
Also in response to the purported unbundling, the House of Representatives has also mandated a joint committee of the House to prevent the Minister from usurping the powers of the legislature by attempting to unbundle the NNPC without legislative approval.
The motion, sponsored by Honourable Agom Jarigbe, advised President Muhammadu Buhari to send an executive bill to the National Assembly if he intended to unbundle the NNPC or carry out any fundamental reforms in the oil and gas sector.


Author & Editor

TundeGold is Digital Media Certified and an H.R Specialist. He is a Blogger who loves writing on topics relating to Leadership and Career Development. Click HERE to view His Full Profile


Post a Comment

We love to hear from you, make use of the comment field after every post and drop your comments. Also tick the box in the comments area to get notified via your email for the replies on your comments. Thanks

*Comments on this Web are NOT posted by Tundegold.
*Readers are SOLELY responsible for the comments they post.
*Also, where necessary, all posts are duly referenced.Thank you.

We work really hard and put a lot of effort and resources into our content, providing our readers with plagiarism-free articles, original and high-quality texts.

Contents on this website may not be copied, republished, reproduced, redistributed either in whole or in part without due permission or acknowledgement. Proper acknowledgement include, but not limited to (a) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes, (b)"FAIR USE" in the case of re-publication on online media.

About possible consequences you can read here:What are the consequences of copyright infringement?

Tundegold is a property of Grandunicorn Limited and we have all legal actions at our disposal to take within and outside the internet in effort to protect our intellectual properties. All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA).