Speaking at the Oloibiri Lecture Series and Energy Forum, organized by the Society of Petroleum Explorationists, SPE, Nigeria Council, in Abuja, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, yesterday, revealed that the Nigerian National Petroleum Corporation, NNPC, would become profitable again by July 2016, the corporation’s first profits in 15 years.
Kachikwu also said that there would be an overhaul of the NNPC within the next week which would see the NNPC break up into about five companies, while the sub-sets of the NNPC would be broken into 30 companies.
“I am happy that we are getting the cooperation of everybody within the system, that is the only way we can guarantee work for those who work there and career paths that are sustainable.”
Kachikwu, who is the Group Managing Director of the NNPC, maintained that the expected return to profitability would also mean that the Nigerian Oil Industry will be able to compete effectively in the global oil industry.
“That is just a tip of the iceberg because by the time these 30 companies are unbundled and the Managing Directors will set programmes, you are going to meet us in an active world. It means we are all going to compete, we are going to make these things work.”
He also said that the overhaul of the NNPC and its subsidiaries, would eliminate titles such as ‘Group Executive Directors’ and replace them with Chief Executive Officers.