President Muhammadu Buhari on Monday approved the appointment of Dr. Maikanti Baru as the new GMD of NNPC ending an 11-month tenure of former Director, Ibe Kachikwu.
Nigerian Bulletin highlights 11 of Kachikwu’s 11-month tenure.
1. Deregulation of the oil sector. With this, the corporation was able to cut operational cost by 30 per cent.
2. Nigeria currently has 45 days of self-sufficiency in oil reserve due to the minister’s effort at ending queue in filing stations.
3. According to Kachikwu, the oil sector now have a funding scheme to enable the downstream to be able to adequately fund itself.
4. With the removal of subsidy, Nigeria will now save over N1.4tn on a yearly basis.
5. Kachikwu succeeded in reducing the upstream contracting period from the average of between two and half years to between six and nine months.
6. Under his leadership, Nigerian refineries started working for the first time in about 10 years.
7. He laid a structure for private investors to come into refinery to boost capacity and production. An instance is the Dangote refineries.
8. In May 2016, for the first time in history, the NNPC made a profit of N270m.
9. With his commitment, coupled with effort, 60 per cent of refined products importation will stop by 2018 and by 2019 Nigeria must become a net exporter of refined petroleum products.
10. Under his watch, the corporation was able to cover a huge part of the $6bn arrears and still in the process of completing it.
11. Kachikwu revealed in an interview yesterday that ‘the corporation was able to contribute 100 per cent to FAAC two months ago, up from about 60/70 per cent,’ adding that the NNPC was able to pay for the first time, 100 per cent cash call contributions last month.
Nigerian Bulletin highlights 11 of Kachikwu’s 11-month tenure.
1. Deregulation of the oil sector. With this, the corporation was able to cut operational cost by 30 per cent.
2. Nigeria currently has 45 days of self-sufficiency in oil reserve due to the minister’s effort at ending queue in filing stations.
3. According to Kachikwu, the oil sector now have a funding scheme to enable the downstream to be able to adequately fund itself.
4. With the removal of subsidy, Nigeria will now save over N1.4tn on a yearly basis.
5. Kachikwu succeeded in reducing the upstream contracting period from the average of between two and half years to between six and nine months.
6. Under his leadership, Nigerian refineries started working for the first time in about 10 years.
7. He laid a structure for private investors to come into refinery to boost capacity and production. An instance is the Dangote refineries.
8. In May 2016, for the first time in history, the NNPC made a profit of N270m.
9. With his commitment, coupled with effort, 60 per cent of refined products importation will stop by 2018 and by 2019 Nigeria must become a net exporter of refined petroleum products.
10. Under his watch, the corporation was able to cover a huge part of the $6bn arrears and still in the process of completing it.
11. Kachikwu revealed in an interview yesterday that ‘the corporation was able to contribute 100 per cent to FAAC two months ago, up from about 60/70 per cent,’ adding that the NNPC was able to pay for the first time, 100 per cent cash call contributions last month.
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