Speaking at the Oloibiri Lecture Series and Energy Forum, organized by the Society of Petroleum Explorationists, SPE, Nigeria Council, in Abuja, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, yesterday, revealed that the Nigerian National Petroleum Corporation, NNPC, would become profitable again by July 2016, the corporation's first profits in 15 years.
Kachikwu also said that there would be an overhaul of the NNPC within the next week which would see the NNPC break up into about five companies, while the sub-sets of the NNPC would be broken into 30 companies.
He said:

Kachikwu, who is the Group Managing Director of the NNPC, maintained that the expected return to profitability would also mean that the Nigerian Oil Industry will be able to compete effectively in the global oil industry.

He added:

He also said that the overhaul of the NNPC and its subsidiaries, would eliminate titles such as ‘Group Executive Directors’ and replace them with Chief Executive Officers.



Vanguard