Reports just coming in have it that President Muhammadu Buhari has approved the immediate split of the Nigerian National Petroleum Corporation (NNPC) into seven units.
According to Premium Times, this approval was announced by Dr Ibe Kachikwu, Nigeria's minister of state for Petroleum Resources, on Tuesday, March 8.
Speaking in Abuja, Nigeria's federal capital, Kachikwu said that five of the seven operational units will be strictly business-focussed in line with global best practices of national oil companies.
The two other units are dedicated to those for Upstream, Downstream, Gas & Power, Refineries, Ventures, Corporate Planning & Services and Finance and Accounts.
These new Chief Executive Officers (CEOs); Bello Rabiu for Upstream; Henry Ikem-Onih (downstream); Anibor Kragha (Refineries); Saudu Mohammed (Gas & Power), while Babatunde Adeniran (Ventures) will be in charge of the new units.
While Isiaka Abdulrazaq will head the group executive director in charge of Finance & Services, Isa Inuwa will take the role of executive head, Corporate Services.
This information arrives hours after it was reported that the Nigerian government has finalised plans to stop the importation of petroleum products in 18 months.
Dr Kachikwu who made this announcement in Abuja earlier today, also informed that there are plans underway for this implementation to be realistic.