05 August 2015, Sweetcrude, Lagos – Barely 24 hours after the appointment of Dr. Ibe Emmanuel Kachikwu as substantive Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, all eight group executive directors of the corporation have been sacked and four new ones appointed in a restructuring exercise.
It was gathered that as part of the restructuring of the corporation, the number of directorates have been reduced from eight to four with four new Group Executive Directors appointed to head them.
The new directorates and their Group Executive Directors are Refining and Engineering with Dr. M.K Baru as Group Executive Director; Exploration and Production, Denis Nnamdi; Commercial and Investment, Bankole Komolafe and Finance which now has Isiaka AbdulRazak as Group Executive Director.
Until their elevation, the appointees functioned as Group General Managers. Further checks revealed that the restructuring is aimed at sanitizing the rot at the Corporation which has come to represent all that is wrong with the Nigeria oil and gas industry.