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Nairaland Forum / Nairaland / General / Politics / World Bank Gives Kachikwu Thumbs Up On NNPC Reforms (15221 Views)
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World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by simtosul: 5:37am On Apr 28, 2016 |
The World Bank wednesday said it was impressed with the reforms initiated by the Minister of State for Petroleum Resources and Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, at the state- run oil company in order to reposition it into a profit yielding entity. The bank also commended Kachikwu for bringing transparency and accountability to NNPC and Nigeria’s oil and gas sector. A statement from the Group General Manager, Public Affairs of NNPC, Mallam Garuba Deen Muhammad, in Abuja contained this development. According to the statement Managing Director of the bank, Sir Mulyani Indrawati, said this when she paid an official visit to Kachikwu in his office in Abuja. According to Indrawati, the ‘20 fixes’ introduced by Kachikwu to the NNPC business models have gone a long way to reform the corporation for profitability. She said the bank was ready and available to offer the ministry of petroleum resources technical support, advice and funding. She stressed that adoption of sound policy thrusts was key in the areas of fiscal direction, gas flare out and gas to power for Nigeria. The statement also quoted Kachikwu to have said that since he assumed duty in August 2015, he had introduced lots of reforms ranging from the first phase of restructuring and the recent restructuring which served as enablers for the introduction of new business models that have drastically reduced the losses recorded by the NNPC in the past. “We first started with the softer issues which were transparency issues, governance, restructuring and that was going well when we went straight into the business model. “For example, when we came in, the NNPC was recording huge losses and we have been able to reverse that trend and if we continue with that sort of trajectory then we should be able to record profit in the near future,” said Kachikwu. He added that a lot of institutional framework restructuring are still ongoing in all the parastatals under his watch. According to him: “Infrastructure is the toughest gap as a lot of depots and pipelines need urgent attention and you need infrastructure, be it in the upstream and downstream sector, for you to deliver results but we will continue to throw solutions at them and try to get private sector participation.” He said: “The other tough gap is the funding. Just sheer funding of the upstream joint venture cash calls demands a lot of money and we are not pretending about it. Again, the President has travelled from point to point and a lot of people have offered to support.” Kachikwu urged the World Bank to offer support in the area of institutional framework and training for the ministry and NNPC, adding that the training would provide the necessary skill sets that are required to grow Nigeria’s oil and gas industry. NNPC through the “20-fixes” which are however embedded in five cardinal business objectives that it intends to pursue, plans to amongst other initiatives, attain zero tolerance for corruption, restructure its major subsidiaries as well as enhance probity in its operations across board. Also to be done within the initiative are, reduction and audit of running costs; restructuring of corporate centres and staff; renegotiation of existing contracts including Production Sharing Contracts (PSC); streamlining of subsidy management as well as improve security of the country’s critical petroleum pipelines. The corporation will also restructure its refining business; improve on its use of information technology for its businesses and demand for topnotch service performance from all its staff in the ‘20 fixes’ www.thisdaylive.com/index.php/2016/04/28/world-bank-gives-kachikwu-thumbs-up-on-nnpc-reforms/ 6 Likes
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Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by SamuelAnyawu(m): 5:40am On Apr 28, 2016 |
Reforms without sufficient fuel for the masses? Good morning Nairalanders, Have you blamed GEJ today? 36 Likes 3 Shares |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by prospero5(m): 5:41am On Apr 28, 2016 |
''...the bank is ready to offer the ministry of petroleum resources technical support, advice and funding...'' we are technically waiting to buy 1 litre of fuel for N65. 8 Likes |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by TPAND(f): 5:43am On Apr 28, 2016 |
Whats with world bank and this sycophancy of late. Or is this one of the usual media shenanigan of APC to cajole the sentience of their zombie supporters. Next story please 6 Likes |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by LoveMachine(m): 5:44am On Apr 28, 2016 |
Minister bling bling shades keep on pushing. You will soon shame your critics. 23 Likes 1 Share |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by Nobody: 5:45am On Apr 28, 2016 |
Thumbs up Ibe kachukwu cos you reformed the price of PMS from 87naira to 400naira... That's a great achievement.. 21 Likes 3 Shares |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by hungryboy(m): 5:52am On Apr 28, 2016 |
I tire for dis kind reform were dey wear uniform oh,
Fuel here we no see buy,
Abeg if na like dis reform dey always dey, we no want am again 2 Likes |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by Caseless: 5:56am On Apr 28, 2016 |
O ye shidren of hate, kachikwu is getting commendation from those that once said we can't do it. What sayeth thou? 37 Likes |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by Bitterleafsoup: 5:58am On Apr 28, 2016 |
Sounds like our great great great grandchildren debt just got approved. |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by Tonyosas101(m): 5:59am On Apr 28, 2016 |
am i supposed to thumbs up for him too? i think i should cause they (ministers) needs encouragement but then again "who am i kidding"? noh be him work to make nnpc a better body thumbs up Kachi |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by Abayor7: 6:16am On Apr 28, 2016 |
Wetin concern world bank with Kachi? Yeye dey smell Bitterleafsoup: |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by amiibaby(f): 6:16am On Apr 28, 2016 |
That's good |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by M4gunners: 6:16am On Apr 28, 2016 |
The Jagaban must hear this. 1 Like |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by Azazi(m): 6:17am On Apr 28, 2016 |
they should rest joor. wetin him do....we dey see am buy? abi na so them reform their own 3 Likes |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by otukpo(f): 6:18am On Apr 28, 2016 |
Until we see the results of the reforms. 1 Like |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by Firefire(m): 6:18am On Apr 28, 2016 |
Reforms with acute shortage of PMS cross the country Chai, this government is a real ONE-CHANCE. 3 Likes |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by fr3do(m): 6:18am On Apr 28, 2016 |
Thumbs up to Kachikwu 3 Likes |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by Teechawa: 6:20am On Apr 28, 2016 |
Sometimes I laugh in real Swahili... hihihi! Nigerians are queing all day for fuel for months and some people outside Nigeria are giving award and recognition to the man who is supposed to provide fuel. Is that how it happens abroad/ Who supposed give award self? Nigerians or outsiders? 1 Like |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by blackpanda: 6:20am On Apr 28, 2016 |
SamuelAnyawu: Wailer be quiet please! Una era of corruption and impunity is over!! 13 Likes |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by Nobody: 6:20am On Apr 28, 2016 |
Where are those people that keep saying this Kachicken is not the Min of Petroleum? By the way this World Bank must be full of imbecilles. |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by bonechamberlain(m): 6:21am On Apr 28, 2016 |
nothing like thumbs up, until I see fuel, let's hear from tinubu 4 Likes |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by Firefire(m): 6:21am On Apr 28, 2016 |
blackpanda: Chai... What is more than corruption and impunity to officially fix pump price of petrol at N86.5/L and it sells for as much as N400/L across the country. Height of corruption and insensitivity by the clueless government. - SMH 6 Likes 4 Shares |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by beGOOD4aba(m): 6:21am On Apr 28, 2016 |
thumbs up when queue refuses to abate in our nnpc stations 2 Likes |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by omenka(m): 6:22am On Apr 28, 2016 |
As though we care. They can keep their commendation to themselves- we have eyes and minds of our own and can can assess things for ourselves. We don't need their approval to validate the performance of any of our ministers or our economy. Just look how the Don't envy these guys' lives at all. 5 Likes |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by dokunbam(m): 6:23am On Apr 28, 2016 |
amiibaby:Better days ahead 1 Like |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by hassan85(m): 6:23am On Apr 28, 2016 |
Those elements that enjoys every form of failure from Nigeria won't like ds. Nigeria s bigger Dan everyone 2 Likes |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by dammytosh: 6:24am On Apr 28, 2016 |
SamuelAnyawu: When you will not go to school. Read again. Not every post is IPOB vs Nigeria. 8 Likes 1 Share |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by sulabu: 6:25am On Apr 28, 2016 |
In Ipob,Ipod,IPad,Massob,jobless PDP youth voice....World Bank Is a SCAM..... 5 Likes 1 Share |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by kelvyn7: 6:27am On Apr 28, 2016 |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by lonelydora: 6:30am On Apr 28, 2016 |
Kachikwu is trying but the markerters are trying to sabotage his efforts. 4 Likes |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by cardoctor(m): 6:31am On Apr 28, 2016 |
Which reform? |
Re: World Bank Gives Kachikwu Thumbs Up On NNPC Reforms by samseen02(m): 6:32am On Apr 28, 2016 |
K |
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