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