Buhari approves unbundling of NNPC into four autonomous units

The Minister of State for Petroleum Resources and the group managing director Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Ibe Kachikwu has disclosed that President Muhammadu Buhari has approved the next restructuring phase of the NNPC.

Kachikwu said at a town hall meeting with journalists and civil society organisations in Abuja that the next phase of the restructuring, as approved by the president, would see the state oil company broken into four different autonomous profit-oriented companies.

According to him, the four firms to emerge from the exercise are the upstream company, the downstream company, midstream company, and the refining group holding company. All of them would operate independently with quasi-managing directors and remit profits and taxes to the coffers of the government.

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