The Nigerian Government, plans to divide the Nigerian National Petroleum Corp (NNPC) into 30 independent companies within weeks, the Group Managing Director of NNPC revealed.

“For the first time, we are unbundling the subset of the NNPC to 30 independent companies with their own managing directors. 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,” Emmanuel Kachikwu said.

According to Reuters, misconduct and corruption at NNPC has hindered the industry and plans to split the company are amongst measures to destroy structures that allows theft.

The President of Nigeria, Muhammadu Buhari has made reorganizing NNPC a main concern as the global drop in oil prices has hit the country’s economy, as crude exports account for about 95% of foreign incomes.

Anita Fatunji