Nigeria’s President Muhammadu Buhari has approved the unbundling of the state-owned Nigerian National Petroleum Corporation into seven units.
The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, announced this on Tuesday.
According to him, five of the seven units will be strictly business-focussed in line with global best practices of national oil companies.
The new units that will be headed by Chief Executive Officers are Upstream, Downstream, Gas and Power, Refineries, Ventures, Corporate Planning and Services and Finance and Accounts.
The CEOs are Bello Rabiu (Upstream), Henry Ikem-Onih (downstream), Anibor Kragha (Refineries), Saudu Mohammed (Gas and Power), Babatunde Adeniran (Ventures), Isiaka Abdulrazaq (GMD Finance and Services) and Isa Inuwa (Executive Head, Corporate Services).
According to the Oil Minister, Kachikwu, all the appointments are with immediate effect.