NNPC: Senate backs Kachikwu says action won’t affect workers welfare
March 10, 2016


Minister of State for Petroleum Resources, Dr. Ibe Kachikwu


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The Senate on Thursday handed down a clean bill of health to the Minister of State for Petroleum Resources, Ibe Kachikwu, over his ongoing restructuring of the Nigerian National Petroleum Corporation, saying his action did not contravene any known law.

Kachikwu, appeared before the Senate Joint committees on Petroleum Resources ( Upstream, Downstream and Gas ) to explain the reason for the restructuring exercise.

But Kachikwu before going into a closed session that lasted about one hour with the senators, explained that his action was in the best interest of the country but regretted not holding necessary consultations with the National Assembly before announcing the restructuring.

He explained that the exercise was necessary in order to make the NNPC a real revenue generating organisation so that it would be able to offset the $5.2bn it is currently owing the major oil companies as well as reduce its current N30bn monthly losses as much as possible.



He also said the restructuring of the subsidiaries under the NNPC was aimed at making them more effective and efficient but that they would still be under the agency being controlled by a single board.

He said, “I must apologise that we didn’t take some of the senate leadership along the path of this restructuring but if you look at the draft of the Petroleum Industry Bill sent to us for our input, you will discover that the restructuring was within the suggestion we made.

“Having said that, I must take responsibility for not carrying out the necessary consultation as we should have done.”

A member of the committee, Senator Sola Adeyeye, said that the minister would have run foul of the law if he had stuck to the use of unbundling in the restructuring exercise because his action would have contravened Cap 23 (6) 1D of the Act that established the agency.

He argued that although the minister, in his capacity as the Group Managing Director of the NNPC was given free hand to operate, it would be illegal of him to create autonomous firms separate from the agency.

Briefing journalists after the closed session, Chairman, Senate Committee on Petroleum Resources (Upstream), Senator Donald Tayo Alasoadura, described the interactive session with the minster as highly rewarding and useful.

He said Kachikwu had been able to convince members of the three committees which are mandated to carry out oversight functions on the petroleum sector, that his action was legal and one that would boost the sector, generate more revenue and ensure stable supply of the product.

Alasoadura said, “We have a very useful discussion with the minister. He clarified the issue that he was not unbundling NNPC because it is an entity created by an Act of the National Assembly and nobody can touch it unless he comes back to the National Assembly for ammendments.



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http://www.punchng.com/nnpc-restructuring-senate-backs-kachikwu-says-action-wont-affect-workers-welfare/

We do not know. Please tell us #professorofoilandcrude

[quote author=ZUBY77 post=43212873]Ifeanyi Uba of capital oil is about to blow their skirts up. Those men there are the reason why you cant buy dollars. Watch out, dollar will start going down. and soon, you will hear that EFCC arrested Ifeanyi Uba. Evils.[/quote]

You live in dreamland. Don't think we are with you.

Little by little, actions are having consequences. Thanks to God it happened in my lifetime. I love Buhari.

OREMUSSANCTUS:
Said it before and still saying it now
Apc won't last 3 months
A party built on deceit and lies won't last
North cum Southwest conspiracy ="change"

Are you the new Okukpe?

Lai is brut. Warning to Metuh

This is my President, in whom I trust. I am ready to contribute my all in re-building Nigeria.

The man we have waited for. Fix Nigeria!!!!

And the wife's mother (adopted) also died on East-West road. Reason - bad road.

klas:

Name any Speaker or President of the Senate of Northern origin that was ever impeached. Even Salisu Buhari of Toronto fame voluntarily stepped down and participated in hand picking his successor - Ghali Naabaa. Upon all what Na'abaa did to Obj including impeachment attempt and the presidency several attempts to remove him, he completed his term. His successor - Bello Masari also completed his own tenure despite being anti-third term yet Nnamani (the then senate president) was harangued for the same offence by the presidency. David Mark is about completing 8 years term.

Okadigbo was easily removed because almost all eastern senators wanted to taste that seat hence the backstabbing and lack of unanimity in the southeast caucus thus allowing enemy to wedge in.

YOU ARE AMONG THE FEW SANE ONES. PLENTY LIKES.

ABATI AND OKUKPE!!!!, ARE YOU THERE?
PLS, TELL GULAK TO CONVEY, AS MATTER OF URGENCY, TO OGA JOE THAT HE SHUD, AS MUCH AS POSSIBLE, AVOID O.P.C (OPEN POLITICAL CONFRONTATION).
INFORM HIM THAT HE WILL FAIL AS MANY TIMES AS, IF NOT MORE THAN, HE TRIES.
THE GODS HAVE SPOKEN.

EXCESSIVE LIES AND FANTASY ALWAYS SPRING SURPRISE TO THE BEARERS. I STILL WONDER WHILE GEJ INSISTED ON BEARING INEFFECTIVE, AND INCOMPETENT HELP-HANDS AND HANGERS-ON-
GULAK,
OKUKPE,
THEODORE ORJI,
...
THE G7 AND ASSOCIATES ARE LIKELY TO INCREASE IN NUMBER THAN DECREASE

WAO!
YOU ARE JUST LEVEL-HEADED.
WISH I CUD ADD QUESTIONS BORDERING ON OUR DEMOCRACY, NGF, MBU AND RIVERS CRISIS.

BUHARI MAY HAVE BEEN RIGHT AFTERALL, THE MINITARY OPTION IS SEEMINLY COUNTER-PRODUCTIVE. WE HAVE RECORDED MORE CASUALTY (ARGUING SPACE AND TIME), DURING THAN BEFORE STATE OF EMERGENCY. AND IT SEEMS TO BE OUR LAST DOMESTIC OPTION. GEJ MAY HAVE BEEN ILL-ADVICED. GOD SAVE US!

IF YOU WANT YOUR AGREEMENT TO BE KEPT, DONT HAVE WITH EITHER FG, OR GEJ. ASU, ASUP, nPDP; NOW YOU'VE LEARNT YOUR LESSONS.

THIS GUY IS A SINCERE IDIOTA. HE HAS LOST BOTH SENSE OF DIGNITY AND THAT OF SHAME. I DEY SOUTH-EAST FULL GROUND. NOW I KNOW THAT ALL YOUR POSTS, ABOUT ALL THE PLACES I'VE NOT BEEN OPPORTUNED TO VISIT, ARE WHITE LIES.
THE REASON THE SOUTH-EAST CAST A 'BLOCK VOTE'; AND MAY STILL CAST AGAIN, FOR GEJ IS BEYOND THESE JUNKS U POST HERE. MORE PATHETIC IS THE FACT THAT THEY ARE PRODUCT OF UR SLEEPLESS NIGHTS.
UR JOBS WORTH NO 'PAY', I'M SERIOUS.

IF RIVERIENS HAVE GOT TIME TO COLLUDE WITH FG AND MAKE RIVERS STATE UNGOVERNABLE FOR AMAECHI, AMAECHI SHUD ALSO HAVE TIME TO SPEND THEIR MONEY GLOBE-TROTTING, DEFENDING HIMSELF. IT'S TIME POOR RIVERIENS GOT 'SENSE', AND REFUSED TO BE USED AGAINST OWNSELVES.

HAPPY BIRTHDAY TO ROCHAS
HAPPY BIRTHDAY TO THE PRIDE OF THE EAST.

FIGMENT OF YOUR IMAGINATION.

THE MESSIER, THE MORE ENTERTAINING. EYES GLUED, WE ARE WATCHING.

NON OF YOU CELEBRATING A NEAR-LOST BATTLE KNOWS WHEN THE TENURE OF THE DEPOSED EXECUTIVE EXPIRED. BUNCH OF THE UNINFORMED, CELEBRATING ON THE VERGE OF LOSS.

LAI ON POINT. IT IS A BIG SUPRISE THAT FG REFUSE TO DO ANYTIN DECISIVE ABT THIS MOCKERY TO CIVILIZATION CALLED OMBATSE.

HE WANTS TO BRING IN POLITICS INCLINED PERSONS. GUESE THAT MAY NOT EVEN BE ENOUGH TO SAVE HIM.

NNAJI OF POWER MINISTRY HAS SHOWN HOW UNFITTING HIS REPLACEMENTS COULD BE.

QUITE COHERENT, ONLY MISSED JUST A FEW POINTS

LET THE DRAMA CONTINUES. PARTY OF THUGS AND LOOTERS.

ARE THIS GUYS IN APC THIS BREATH-TAKING INTELLIGENT, IF THIS IS TRUE, THEN THERE ARE NO BETTER BREED STRATEGISTS IN ANY OTHER PARTY THAN IN APC.

texaco1:
And pls kindly tell me how many successful alliances have we had since we began this democratic process in 1999?just asking

SAME WAY U DOUBTED MERGER TILL U SAW IT WORK. IF U AR STILL, THE WORLD IS NOT; THE WORLD IS MOVING. DAT SOMTIN HAS NOT HAPPENED B4 IS THE WEAKEST REASON IN ARGUEING THAT IT CANT HAPPEN.

Wwwkm

alaoeri: Now Amaechi is save no more impeachment threat, shame on Jesus of Okrika & her loyalist.

NA REAL JESUS OF OKRIKA, I DEY LAUGH.

I DEY LAUGH- IN BABA'S VOICE.

chy4u: Pls is it all 4 topics one will write d essay on and is it on d apt test day too? Cos I just got an invitation for saturday 13th July

chy4u: Pls is it all 4 topics one will write d essay on and is it on d apt test day too? Cos I just got an invitation for saturday 13th July

SAME HERE, WHERE'S YOUR CENTRE DEAR?

MARCH 5, STILL WAITING. HOPE OUR TURN IS NEXT.