We Have Not Unbundled NNPC - Kachikwu

Ibe Kachikwu has played down reports that the country's oil company has been broken down into units as widely believed.

Ibe Kachikwu

 

Minister of State for Petroleum Resources, Ibe Kachikwu has stated that government has not unbundled the Nigeria National Petroleum Cooperation, NNPC yet.

Explaining the development at the oil sector in an interview with State House correspondents after the meeting of the Federal Executive Council, FEC, at the Presidential Villa, Abuja, the minister who is also the Group Managing Director, GMD of NNPC, said that what the cooperation did was reorganization.

He said: “We have not unbundled NNPC. We had a press conference yesterday where I explained this. 

"What we have simply done is reorganisation.

"We have five business entities focused on business: Upstream, Downstream, Refineries, Gas and Power that are there before.

 

“There is also Ventures that capture all our little companies that were not having proper stewardship. They are run by individuals who report to the GMD. The NNPC is still a whole. There is nothing new that has happened.

“I have tried to explain this and I am sure the NNPC workers are members of the family, they will understand. We are going to have a meeting, and they will be made to understand.

"Perhaps the engagement has not been good enough.

 

“NNPC has not been unbundled in the sense of breaking up NNPC into distinct institutions. I am concerned. I don’t want the industry shut down. I am sure we are going to resolve the issues very soon”.