President Goodluck Jonathan on Tuesday approved the creation of a new office of Deputy Group Managing Director of the Nigerian National Petroleum Corporation, NNPC.
The special adviser to the President on Media and Publicity, Reuben Abati, who announced the new office named the appointment of Bernard Otti, the current Group Executive Director (Finance and Accounts) as the new occupier of the office.
Under the new arrangement, Mr. Otti, would be expected to combine his role as Deputy Group Managing Director with his present responsibility as Group Executive Director, Finance and Accounts, of the corporation.
The creation of the new office is a departure from the usual structure of the executive management of the national oil company, which usually have a group managing director at the top of the pyramid, with groups executive directors in charge of the eight directorates of the corporation.
The eight directorates included those for Exploration & Production; Refineries & Petrochemical; Engineering and Technical; Gas & Powe; Commercial & Investment; Corporate Services; Finance & Accounts and Business Development.
According to Mr. Abati, the creation of the new office was in furtherance of the ongoing efforts by the Federal Government to transform the NNPC into a commercially-driven entity.
He said the new office of Deputy GMD was expected to help strengthen the corporate governance structure of the NNPC as well as help ensure value for money and returns on investment increasingly become key factors in all operational decisions.
Mr. Otti, who hails from Anambra State, has held senior positions in some of the largest financial institutions in Nigeria and internationally, and has served on the boards of numerous public and private institutions.