NNPC Restructures: Kachikwu Says 1100 Workers Will Be Sacked

Minister of State, Petroleum Resources, Dr. Emmanuel Kachikwu, who doubles as the Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, yesterday announced that he has received the Presidency’s approval to commence the final phase of the restructuring of the NNPC, which would see the Corporation unbundled into four components, while about 1,100 of NNPC Headquarters’ staff would be disengaged.

The GMD also hinted the nation no longer has the resources to fund its oil and gas industry, and it is therefore, considering and developing new models of financing for the industry in the days ahead.

The minister said  “Financing is going to be a key component of our goal, because new models of financing would have to emerge. The country does not have the sort of resources to continue to fund the oil industry. As we go upstream, we are going to begin to see a lot of innovative financing mechanism to provide funding for the oil industry.”