Nigeria will break up its state-owned oil company into 30 separate units within weeks in a bid to reform the unprofitable entity, Managing Director Emmanuel Kachikwu said.
Each company will have its own managing director and the Nigerian National Petroleum Corp. should become profitable by the end of the year, Kachikwu, who is also the state minister for petroleum resources, said Thursday in the capital, Abuja, according to an e-mailed statement.
“For the first time, we are unbundling the subset of the NNPC to 30 independent companies,” he said. “Titles like group executive directors are going to disappear and in their place you are going to have chief executive officers and they are going to take responsibilities for their titles. At the end of the day, the CEO of an upstream company must deliver an upstream result.”