Home Uncategorized With redeployments, sacks, workers say they are preparing for unbundling of NNPC

With redeployments, sacks, workers say they are preparing for unbundling of NNPC

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The latest shakeup that led to the redeployments promotion and sack of some senior management workers at the Nigerian National Petroleum Corporation was in preparation for the proposed unbundling of the oil firm, it was learnt on Monday.

Officials of the corporation stated that the move was part of plans by NNPC to implement the recommendations contained in the Petroleum Industry Bill, which had been passed by the National Assembly.

This came as oil dealers under the aegis of the Independent Petroleum Marketers Association of Nigeria told our correspondent that the government should ensure the speedy implementation of the unbundling of NNPC as proposed in the petroleum bill.

Although the bill had yet to be assented to by the President, Major General Muhammadu Buhari (retd.), it recommended that the corporation be transformed into a limited liability company.

It read in part, “The minister shall within six months from the commencement of this Act, cause to be incorporated under the Companies and Allied Matters Act, a limited liability company, which shall be called Nigerian National Petroleum Company Limited.

“The minister shall at the incorporation of NNPC Limited, consult with the Minister of Finance to determine the number and nominal value of the shares to be allotted, which shall form the initial paid-up share capital of NNPC Limited and the government shall subscribe and pay cash for the shares.”

On why the corporation made new appointments ahead of its incorporation into a new entity as proposed in the PIB, its Group General Manager, Group Public Affairs Division, Kennie Obateru, said, “The whole process of unbundling will happen when the bill is assented to.

PUNCH

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