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Postings, dismissals prepare us for unbundling, says NNPC
The latest shakeup that led to the redeployments promotion and sacking of some senior management workers at the Nigerian National Petroleum Corporation was in preparation for the proposed unbundling of the oil firm.
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.
“However, like in any serious organization, when you anticipate that something will happen, you can begin to prepare yourself without necessarily having to take specific actions in that regard.
“But it becomes law only when Mr President assents to it and that is when categorical steps will be taken to effect the changes brought about by the PIB.”
Asked to explain the oil firm’s declaration that chief operating officer positions in the corporation had been re-designated as group executive directors in alignment with the rules of the Company and Allied Matters Act, Obateru said officials in the new position might handle the required groundwork when the PIB becomes law.
He said, “You can begin some preparatory work, for example, there’s no time we will not have people in that category. So, the nomenclature is just the issue and you can begin to do that, preparatory to the new identity.
“Maybe those are the people who will begin the groundwork for the changes when the PIB is assented to.”
On complaints in some quarters over the alleged undue sacking of the Chief Operating Officer, Gas, and Power, Yusuf Usman, the NNPC spokesperson argued that what was done was based on the best assessment of the oil firm’s leadership.
Obateru said, “The leadership from time to time look at who can help deliver the best value for the job that is at hand to be done and that is the consideration that goes into such appointments.
“Only one person was replaced; others were either moved or promoted and that is based on an assessment and what the leadership thinks is best for the corporation.”
Commenting on the shakeup at the corporation, the National Public Relations Officer, IPMAN, Chief Chinedu Ukadike, said the government was working in line with the PIB.
He said, “In line with the rules of the Corporate Affairs Commission, there must be an independent Nigerian National Petroleum Company, which is a registered company.
“So when you don’t follow all the laid down statutes, there is no way you are going to achieve the PIB because it gave room for all these factors that will ensure that this company or companies are run independently without undue interference.
“It is a laudable activity that shows transparency and we want to commend the minister, as well as ask for the speedy implementation of the unbundling process.”
On Monday NNPC announced the promotion and redeployment of some staff to fill vacant positions, as well as the disengagement of a chief operating officer.
The oil firm’s Group Managing Director, Mele Kyari, said the new appointments would enable the corporation to live up to the expectations of Nigerians.
Headlines
Tinubu Urges United Front on Development as Africa’s Sovereign Wealth Funds Gather in Abuja
President Bola Tinubu on Monday called for greater regional cooperation and coordinated action among African countries to unlock transformative development across the continent.
Speaking through Vice President Kashim Shettima at the Fourth Annual Meeting of the Africa Sovereign Investors Forum (ASIF) in Abuja, the President said sovereign wealth funds must evolve from passive fiscal buffers into proactive tools for continental transformation.
“Our future lies not in working in silos but in pursuing regional cooperation and collective ambition,” Tinubu said while declaring the forum open. “Our sovereign wealth funds must become the anchors for pan-African investment platforms that de-risk projects, standardise processes and deliver sustainable outcomes at scale. This is not just a strategy. This is a necessity.”
The forum, hosted by the Nigeria Sovereign Investment Authority (NSIA), had the theme: “Leveraging African Sovereign Wealth Funds to Mobilise Global Capital for Transformative Development in Africa.”
President Tinubu emphasized the need for Africa to adapt to a rapidly transforming global economy by rethinking investment strategies to close infrastructure gaps, build climate resilience, and create jobs for the continent’s fast-growing youth population.
“Africa faces a development dilemma: limited fiscal space, growing expectations, and urgent demands for long-term capital,” the President noted. “There can be no greater inspiration to re-imagine how we invest in setting up critical infrastructure, strengthening our climate resilience, promoting food security, supporting MSMEs, or embracing digital economy to create jobs and expand opportunity.”
He lauded NSIA as a model institution, describing it as “a catalyst in our national quest” to unlock growth in renewable energy, healthcare, agriculture, and more.
Tinubu added that ASIF provided a much-needed pan-African mechanism for sovereign funds to “share knowledge, co-invest across borders and speak with a unified voice in the global financial ecosystem.”
Also speaking at the event, Managing Director of NSIA, Mr. Aminu Umar-Sadiq, said the forum was expected to lay the groundwork for African sovereign funds to co-create sustainable investment vehicles capable of attracting global capital.
“We want to strike the right balance between risk-taking and conservative wealth management,” he said. “And we aim to position ourselves as preferred strategic partners for global investors looking for credible exposure in Africa.”
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighted capital mobilisation, cross-border collaboration, and policy alignment as key priorities for driving long-term development across the continent.
President of AfreximBank, Prof. Benedict Oramah, underscored the importance of investing Africa’s sovereign wealth within the continent, stressing that domestic markets must be strengthened to shape Africa’s developmental future.
Chairman of ASIF, Mr. Obaid Amrane, said the forum had made significant strides in its three years of existence and would continue to champion Africa’s global investment positioning.
Delivering a rousing address, renowned Pan-African scholar Prof. P.L.O. Lumumba called on African leaders to prioritise investments for future generations.
“It is an intergenerational duty for political and economic leaders on the continent to cater for unborn generations,” Lumumba said. “Africa’s resources are inexhaustible. The time to invest in our future is now.”
With a convergence of policymakers, development financiers, and investment leaders, the ASIF meeting in Abuja signalled a united determination to rethink Africa’s path to development—driven not by aid, but by African capital working for African progress.
Former President Olusegun Obasanjo will on June 17, inaugurate the newly upgraded Yariman Bakura Specialist Hospital, Gusau, Zamfara.
President Bola Ahmed Tinubu has rescheduled his planned official visit to Kaduna State and will instead travel to Benue State on Wednesday, June 18, 2025, to address the persistent conflict rocking parts of the state.
According to a statement issued on Monday by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the visit is part of renewed efforts by the Tinubu administration to foster peace and restore stability to communities affected by the recurring violence in Benue.
President Tinubu is expected to engage directly with stakeholders—including traditional rulers, political leaders, religious figures, community heads, and youth groups—during a town hall meeting aimed at identifying lasting solutions to the crisis, which has claimed numerous lives and displaced many residents.
In a show of urgency and commitment, the President has already deployed high-level officials to Benue ahead of his visit. These include the Secretary to the Government of the Federation, the Inspector General of Police, heads of intelligence agencies, the National Security Adviser, and the Chairmen of the Senate and House Defence Committees.
President Tinubu has previously condemned the ongoing violence in Benue, urging all sides to embrace peace, mutual understanding, and unity. He also extended condolences to families who have lost loved ones and those who have suffered due to the prolonged conflict.
Originally scheduled to visit Kaduna State on Wednesday to commission several state government projects, President Tinubu will now carry out the Kaduna leg of his itinerary on Thursday, June 19, 2025.
Tinubu Urges United Front on Development as Africa’s Sovereign Wealth Funds Gather in Abuja
2nd Year Anniversary: Obasanjo storms Zamfara for projects inauguration
Tinubu Postpones Kaduna Trip, Heads to Benue Over Escalating Crisis
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