We’ve not unbundled NNPC- Kachikwu AS Senate probes Buhari’s unbundling of NNPC

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 reorganization. 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”.



Senate probes NNPC unbundling, says Buhari’s action illegal


The Senate has begun the process into the probe of the decision of President Muhammadu Buhari to unbundle the Nigerian National Petroleum Corporation, NNPC In a point of Order by Senate Chief Whip, Senator Olusola Adeyeye on the floor of the Senate today, he drew the attention of other Senators to the unbundling of the nation’s agency in charge of the oil and gas sector in the country. Adeyeye who will formally present a motion tomorrow where there would be extensive debate at the plenary, described the exercise as illegal as the federal government did not consult the National Assembly to repeal the enabling law that set up the organisation, before breaking it into different components. Workers of the NNPC had shut down the corporation’s operations nationwide following the exercise and the development had led to fuel queues across the country.

Details later…