Nigeria said it plans to break up its state-owned oil company into 30 separate units in the coming weeks.
The company’s managing director Emmanuel Kachikwu said each unit would have its own boss with plans for it to become profitable by the end of the year.
Emmanuel Kachikwu said:“For the first time, we are unbundling the subset of the NNPC to 30 independent companies.
“Titles like group executive directors are going to disappear and in their place you are going to have chief executive officers and they are going to take responsibilities for their titles. At the end of the day, the chief executive of an upstream company must deliver an upstream result.”
Last year, the NNPC lost $1.34billion after being dragged down by its refining business.
After his election last year, President Muhammadu Buhari said he would make it a priority to restructure the NNPC in a bid to rid it of corruption.