The Nigerian National Petroleum Corporation, NNPC, has finally been unbundled into seven independent operational units.
This was approved on Tuesday by President Muhammadu Buhari and it takes immediate effect.
The new units include those for Upstream, Downstream, Gas & Power, Refineries, Ventures, Corporate Planning & Services and Finance and Accounts.
According to the Minister of State for Petroleum Resources, Ibe Kachikwu, who announced the unbundling of the national oil company in Abuja, five of these seven operational units will be strictly business-focussed in line with global best practices of national oil companies.
He said each of the units would be headed by chief executive officers, namely Bello Rabiu for Upstream; Saudu Mohammed for Gas & Power; Henry Ikem-Onih for Downstream; Anibor Kragha for Refineries; and Babatunde Adeniran for Ventures.
It was further disclosed that the Group Executive Director in charge of Finance & Services would be Isiaka Abdulrazaq, while Isa Inuwa will be the Executive Head of Corporate Services.
