Minister of state for petroleum resources, Dr Ibe Kachikwu, has denied reports of the unbundling of the Nigerian National Petroleum Corporation (NNPC), rather what the ministry has carried out is a reorganisation of the NNPC.
He said: “We have not unbundled NNPC. We had a press conference yesterday (Tuesday) 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 captures all our little companies that were not having proper stewardship. They are run by individuals who report to the group managing director (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 shutdown. I am sure we are going to resolve the issues very soon.”
