Thursday, 10 March 2016

NNPC Unbundling: I was misunderstood - Kachikwu

Kachikwu meeting with Senators ended a while ago

The minister of state for petroleum, Ibe Kachikwu on Thursday, March 10 said that he was misunderstood on the issue of unbundling the Nigerian National Petroleum Corporation (NNPC).

He said this while meeting with the Senate committee on petroleum upstream at the National Assembly.


Kachikwu said the amount of existing properies in Nigeria is mind blowing and the oil sector is trying to move at a very fast pace.

He said there were about seventeen subsidiaries in the system. Some we’re active because they were in public space.

He added that the pipeline and the depot aspect of the buisness was drowning the buisness.

“I may have been misunderstood but it won’t be business as usual, we will create new career paths and accountability for people.

“We are going into a threshold where the mojors are turning into a major focus. When I fist joined I set up twenty teams that dealt with twenty fixes.

“I have issued about 10,000 podcasts explaining what we are doing and where we are headed. We are moving at a very fast pace.

“I worked on this issue with the president and we kept it as confidential as we could,” said Kachikwu.

Some lawmakers at the meeting pledged their support for what Kachikwu had done.

Sola Adeyeye representing Osun central senatorial district said if he was guilty of unbundling then the minister has broken a law.

He also said that although he has confidence in Kachikwu, he should have come to the National Assembly to discuss the issue so that he could have been defended him.

“We were told that you were unbundling the NNPC which means you were taking money to form a private company.

 “If that is what you did, you would have broken the law. You have subsequently told the nation that what you did was restructuring.

“As long as you have not created anything that is independent. You will need this workers and need to have them not to be afraid.

“From everything you have said, I have confidence in you but laws are not based in sentiments,” he said. He added that the reason why legal actions are taking place is because the law has to be protected.

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