Business
Nigeria may sell 40% of NNPC subsidiary
The Federal Government may sell off 40 percent of a new company to be created from the Nigeria National Petroleum Corporation (NNPC) within ten years of its creation.
The sale of the company is to be carried out by the Bureau of Public Enterprise which will hold 49 per cent shares of the new company for government, with the Petroleum Ministry holding 51 per cent.
This much was revealed by a draft bill before the National Assembly, which was made available to
newsmen in Abuja, reveals Bloomberg.
Read also: Oil majors to provide $200m to 4 oil marketers , Kachikwu says
It would be recalled that President Muhammadu Buhari had recently approved a restructuring of the NNPC into five units in a bid to reform it and make it profitable again.
The business units comprising upstream, downstream, gas and power, refinery and a ventures group will each be headed by a chief executive officer and will have at least two other subsidiaries.
The NNPC lost 267 billion naira ($1.34 billion) last year after being dragged down by its refining business and as the finances of Africa’s top crude producer has been battered by a drop in oil prices in the past 12 months.
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