The Senate President , Olubukola Saraki announced on twitter earlier this week, that both Houses of the National Assembly will start considering the “Petroleum Industry Governance Bill” next week. Based on publicly available information and exposure drafts, this paper briefly highlights five things to expect from the long-awaited bill.
The Minister of State for Petroleum, Dr. Ibe Kachikwu recently announced the ”unbundling” of the Nigerian National Petroleum Corporation (“NNPC”). Various newspapers report the number of new NNPC entities as between 21 to 30. This paper seeks to answer some questions arising from the restructuring.
1. What does the restructuring look like?
NNPC has been restructured into seven coordinating units: an upstream unit, a downstream unit, a refinery unit, a gas & power unit and one which is responsible for other ventures. There will also be one unit responsible for corporate services across the group, as well as a finance and services company. Each of the new units will be responsible for existing NNPC subsidiaries and activities and will be led by a chief executive officer.