NNPC Retires Employees with 15 Months Left to Retirement
The Nigerian National Petroleum Company Limited (NNPC) has decided to retire all management staff who have less than 15 months left until their statutory retirement.
In an announcement made on Tuesday morning, the company stated that this retirement would take immediate effect and was intended to align with its business objectives.
This information was shared via the official X (formerly Twitter) account of the national oil firm, where they explained, "In our effort to pursue effective organizational renewal in support of our strategic business goals, it has become necessary to revitalize our workforce. As a result, along with the recent departure of three Executive Vice Presidents, other management staff with less than 15 months until their statutory retirement will be leaving the company as of September 19, 2023."
"This aligns with our dedication to enhance NNPC Ltd.'s capabilities by means of focused talent management and ensuring equal opportunities for all Nigerians."
Additionally, it has been reported that the company has implemented employee reorganizations in its senior management ranks, transferring certain senior officials to other divisions of its enterprises, including the Nigeria Liquefied Natural Gas Limited and the Nigeria Petroleum Development Company, among others.
As part of the ongoing restructuring within the multi-billion dollar national company, the oil firm has also announced the appointments of three new Executive Vice Presidents.
The company appointed Oritsemeyiwa Eyesan as the new Executive Vice President of Upstream, Olalekan Ogunleye as the Executive Vice President of Gas, Power, and New Energy, and Adedapo Segun as the Executive Vice President of Downstream.
The company posted an announcement on its X (formerly Twitter) handle early Sunday, indicating that the appointment of the new EVPs was effective immediately.
"In pursuit of NNPC Ltd.'s commitment to organizational renewal, which is based on our business imperatives, excellence standards, talent development, and the enhancement of our competencies through diverse leadership experiences, we are pleased to announce the following executive appointments with immediate effect," the company stated, listing the names and designations mentioned earlier.
As a result of these appointments, the former Executive Vice Presidents of the company, including Abdulkabir Ahmed (Gas, Power, and New Energies), Adokiye Tombomieye (Upstream), and Adeyemi Adetunji (Downstream), have been retired from their positions.
In July of the previous year, the national oil firm, previously known as the Nigerian National Petroleum Corporation, completed its transformation into a fully commercial entity, assuming the name Nigerian National Petroleum Company Limited.
This official transition into a private entity now subjects the oil company to regulation in accordance with the provisions of the Companies and Allied Matters Act.
As a result, the Group Chief Finance Officer of the company is anticipated to take on additional responsibilities, which include securing the group's liquidity and efficiently allocating capital to its various businesses, taking into account returns and business relationships.
Furthermore, the Federal Government intends to cease all funding for projects and various purposes of the company, a departure from the 45-year history of the NNPC prior to its transition into a limited liability company.
The oil company has since functioned as a limited company, under the leadership of a chief executive officer and his executive vice presidents.
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