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   The Federal Government on Tuesday announced its much awaited restructuring of the Nigerian National Petroleum Corporation (NNPC) into five major operational components.
The new divisions are made up of the Upstream, the Downstream, Gas and Power, Refineries and Ventures.
The government also announced new Chief Executive Officers (CEOs) for the new divisions.
The new CEOs are as follows: Bello Rabiu (Upstream); Henry IkemObi (Downstream); Anibor Kragha (Refineries); Saidu Mohammed (Gas and Power); and Babatunde Adeniran (Ventures).
Isiaka Abdulrazaq was named as the Chief Financial Officer while Isa Inuwa was appointed the Executive Head, Corporate Services.
Kachikwu, who briefed journalists in Abuja on the new structure, assured workers of the corporation that there would be no jobs losses as a result of the new arrangement.
 
 He said: "The President has approved the final phase of restructuring of the NNPC. Under that phase the NNPC has been unbundled into four key business components; the upstream which is called the E&P, the Downstream which is called the C&I, the Gas and Power Marketing which is basically a pullout from the E&P, the Refinery Group which is basically the three refineries which would now be run collectively, and Ventures which is every other little company that is here and there strewn all over the place that did not have a sense of direction. We are putting them under ventures.
 
 "The venture is supposed to be their incubation centre. So you nurture them through management, get them very efficient and then you decide whether you want to spin them off to be independent or whether you want to throw them into the stock exchange or ventures.
"What has happened is underneath these companies; if take the E&P for example, you use to have NAPIMS, NPDC, IDSL and others. Under the new structure, NAPIMS which is an asset management company is going to be pulled out of the upstream to report straight to the GMD.

"But the E&P itself is going to have NPDC, IDSL and probably NETCO. And that is three companies that have existed in the system. But if you look at companies that existed in the system versus what we have today, I think we have a total of 20 on the whole.
"But of those 20, we have about 15-16 before and it is only about four or five that are new introductions. We have not split the NNPC into 30 companies, no. there are subsidiaries that are already there and the major divisional groups which are the four that I gave you and the only one that is not included is finance which is a divisional entity and of cause, you have services which bring them to six or seven.

"Five out of those are business focused while the others provide services. Finance provides services and services provide services"�.
He explained the PPMC will have its pipelines and depots' components taken away into another company while PPMC focuses primarily on products marketing.
Kachikwu noted that the NNPC, as presently structured, is overstaffed but in the new arrangement, all staff would be gainfully engaged.
He said no worker would lose his or her job as a result of the restructuring, saying President Buhari has made it clear that nobody loses work during the restructuring.

He said the NNPC still exists with the Group Managing Director as the head, but "there will be divisional breakups"�.
The Minister, who apologized for the current hiccups in fuel supply that have led to queues, explained that with the present government plan, Nigeria would be self-sufficient in petrol refining in 18 months' time.