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LequteMan
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The Nigerian National Petroleum Corp (NNPC) will be split into 30 independent companies in the forthcoming weeks, Minister of State for Petroleum Products, Emmanuel Ibe Kachikwu has stated.
According to him, the restructuring is designed to help tackle corruption at the state oil company.
Mismanagement and graft at NNPC has hampered an industry that provides around 70 percent of national income in Africa's biggest crude producer, and plans to break up the company are part of efforts to dismantle opaque structures that enabled theft.
"For the first time, we are unbundling the subset of the NNPC to 30 independent companies with their own managing directors," Group Managing Director of NNPC, Kachikwu said.
"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.
Kachikwu also said members of OPEC plan to meet other oil producers in Russia around March 20 for new talks on an oil output freeze.
Reuters
According to him, the restructuring is designed to help tackle corruption at the state oil company.
Mismanagement and graft at NNPC has hampered an industry that provides around 70 percent of national income in Africa's biggest crude producer, and plans to break up the company are part of efforts to dismantle opaque structures that enabled theft.
"For the first time, we are unbundling the subset of the NNPC to 30 independent companies with their own managing directors," Group Managing Director of NNPC, Kachikwu said.
"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.
Kachikwu also said members of OPEC plan to meet other oil producers in Russia around March 20 for new talks on an oil output freeze.
Reuters
