The management of the Nigerian National Petroleum Corporation (NNPC), has unveiled plans to review all Production Sharing Contracts (PSCs) and Joint Venture Agreements and other contracts between the corporation and its business partners.

The Group Managing Director (GMD) of NNPC, Dr. Ibe Kachikwu who made the disclosure over the weekend, said the review was aimed at reflecting present day realities in the global oil and gas industry. The new NNPC boss further stated that under his watch, the corporation would put in place mechanisms that would plug all revenue leakages in the upstream, midstream and downstream sectors while adding that all crude oil proceeds due for the Federation Account would be remitted accordingly.

Dr  Kachikwu, according to a statement released by NNPC’s Group General Manager, Group Public Affairs Division, Mr. Ohi Alegbe, assured that his “mandate in the corporation is to put in place efficient, transparent and profit-oriented processes and not to embark on a mass retrenchment of the workforce.”

“The mandate given to him by President Muhammadu Buhari is to turn around the entire commercial processes and procedures in order to impact on the growth trajectory and operations of the Corporation”, Alegbe said, stressing that the reduction in the NNPC directorate from eight to four at the top management cadre is to refocus and sharpen its  business aspiration.

According to the statement, the new GMD assured that the recent repositioning is to put in place the right set of skills for performance, stressing that the new arrangement provides a veritable vista for upcoming professionals to have a speedy career path.

“Training and retraining of workers to align with the new vision is the next stage of the ongoing reforms,” he adds.

By Olisemeka Obeche


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