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THE NEW NNPC: CHANGING THE LANDSCAPE OF THE NIGERIAN OIL AND GAS SECTOR

As part of the new policy road-map for the Nigerian Oil and Gas Industry, the Honourable Minister of State for Petroleum Resources and Group Managing Director of Nigerian National Petroleum Corporation (NNPC) on Tuesday 8th March, 2016 announced the formal reorganisation of the National Oil Company (NOC) at an International press conference in Abuja, Nigeria.


The Honourable Minister explained during the press conference that the reorganization is aimed at fulfilling one of the key change agenda of this present administration led by President Muhammadu Buhari to introduce accountability, transparency and probity in the management of the NNPC and more importantly to transform the state oil company from a loss making Corporation to a commercial and viable business entity that would be profitable for Nigerians.

While making comparisons with what was met on ground in August, 2015, he stated that strides have been made over the past seven months, the Corporation is steadily regaining commercial focus and increased transparency amongst its peers globally. This is evident in the recently released January, 2016 Financial and Operations report that has seen the monthly operating deficits reduce from an average of N30bn in August, 2015 to N3bn. This is a remarkable decrease of 900% which could only have been achieved by the collective effort of the NNPC family.

With the announcement of this new policy road map, the realigned NNPC organization comprises of five business-focused and two service driven units with their respective new Chief Executives as follows:

Upstream Company – Bello Rabiu, 
Gas and Power Company – Sa'idu Mohammed, 
Refining Company – Anibor Kragha, 
Downstream Company – Henry Ikem – Obih, 
Ventures – Babatunde Victor Adeniran, 
Chief Financial Officer – Isiaka Abdulrazaq
Executive Head, Corporate Services – Isa Inuwa


He further reiterated that the NNPC has become a FACT based organization - This will see the Corporation become Focused, Accountable, Competitive and Transparent. In order to allay the fears of staff, he stressed that the organizational realignment is not about staff layoffs, but about placing the right people in the right places to do the right thing.

Signed:
Management





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