NNPC Set to Separate into 30 Companies; Growing Worries Over Fuel Crisis

NNPC

By Olutayo Irantiola

The Group Managing Director of the Nigerian National Petroleum Corporation; Emmanuel Ibe Kachikwu has announced that within the next seven days the corporation will be unbundled into about 30 different companies.

Unfortunately, the country has continued to suffer from a perennial fuel crisis, the shortage of gas at the pump has been correlated to the drastic drop in the price of crude oil which is not expected increase anytime soon. Nigerians hope that this unbundling will assist in lessening the crisis.

The news comes less than three weeks after the Nigerian government started talks with some international oil companies and investors to seek joint efforts in paying the accumulated debt owed by the Nigerian oil sector (NNPC). The debt accumulated through board and member mismanagement.