He said: “There is an existing NNPC Act of 1977 that set up the NNPC.

“This Act has many provisions that deal with structure and operations of the corporation. There are many issues such as pensions and transfer of the employees, which are provided for in the NNPC Act of 1977.

“What will happen to all these provisions of the law? For the government to do anything with the current NNPC, the Act must either be repealed or amended to accommodate the planned restructuring.

“If not done, it will equal to lack of respect for the rule of law on the part of the government.

“The Petroleum Industry Bill that is expected to be the legal instrument for the ongoing reforms of the Oil and Gas industry will be meaningless if the Government should introduce plans outside the reforms.

“The PIB is germane to the development of the nation’s Oil and Gas industry.

“Above all, the various stakeholders, especially the unions, should be involved before any major change is carried out in the organisation and before any unilateral statement capable of heating up the industrial climate is made.”

He therefore repeated the Association’s call for an all-inclusive Stakeholders’ Forum where all issues confronting the industry can be looked into with solutions proffered to them.

But Kachikwu told journalists at Aso Rock presidential villa on Wednesday after the Federal Executive Council (FEC) meeting that NNPC has not been unbundled, but only being reorganized.

He added that some of the new entities he announced on Tuesday have been part of the structure of the company before.

“We have not unbundled NNPC. We had a press conference yesterday where I explained this.

“What we have simply done is reorganisation. We have five business entities focus on business: Upstream, Downstream, Refineries, Gas and Power that are there before.

“There is also Ventures that captures all our little companies that were not having proper stewardship. They are run by individuals who report to the GMD.

He was emphatic that NNPC has not been unbundled in the sense of breaking it up into distinct institutions.

“The NNPC is still a whole. There is nothing new that has happened.

Kachikwu who said he has tried to explain the restructuring to NNPC workers added that he will convene another meeting to further explain the situation to them.

“We are going to have a meeting, and they will be made to understand. Perhaps the engagement has not been good enough,” he said.

“I am concerned. I don’t want the industry shut down. I am sure we are going to resolve the issues very soon,” he stated.