In order to comply with statutory retirement requirements, the Nigerian National Petroleum Company (NNPC) Limited forced all management personnel into retirement.
The company stated in an early Tuesday morning announcement that the affected employees’ retirement was effective immediately and emphasised that the decision would support its corporate goals.
The national oil company announced this via its official X (formerly Twitter) handle, saying, “It has become imperative to revitalise our workforce in our bid to pursue effective organisational renewal to support the delivery of our strategic business objectives.
As a result, in addition to the recent departure of three Executive Vice Presidents, other management personnel with less than 15 months until their statutory retirement will leave the company effective September 19, 2023.
This is consistent with our pledge to increase the capabilities of NNPC Ltd. through targeted talent management and equal opportunity for all Nigerians.
It was also learned that the company reorganised its top management cadre’s workforce, moving some senior executives to various subsidiaries, including the Nigeria Liquefied Natural Gas Limited and the Nigeria Petroleum Development Company.
The Nigerian National Petroleum Company Limited announced on Sunday the appointments of three new Executive Vice Presidents as part of the ongoing shake-up in the multi-billion dollar national company.
It appointed Oritsemeyiwa Eyesan as Executive Vice President, of Upstream; Olalekan Ogunleye as Executive Vice President, of Gas, Power, and New Energy; and Adedapo Segun as Executive Vice President, of Downstream.
The announcement, which was made on the company’s X (formerly Twitter) handle early Sunday, stated that the new EVPs were effective immediately.
“In line with NNPC Ltd.’s commitment and drive for organisational renewal, anchored on our business imperatives, standards of excellence, people development, and strengthening our competencies and capabilities through broad-based leadership exposures,” the firm stated before outlining the previously stated names/designations.
As a result, the company’s three former Executive Vice Presidents, Abdulkabir Ahmed, Gas, Power, and New Energies; Adokiye Tombomieye, Upstream; and Adeyemi Adetunji, Downstream, will be forced to retire.
The Nigerian National Petroleum Corporation, formerly known as the Nigerian National Petroleum Corporation, was fully transformed into a commercial entity in July of last year, becoming the Nigerian National Petroleum Company Limited.
With its official conversion to a private entity, the oil company is now subject to the provisions of the Companies and Allied Matters Act.
Therefore, the company’s group chief financial officer is anticipated to take on additional responsibilities for ensuring the group’s liquidity as well as the effective distribution of capital to its businesses based on profits and commercial relationships.
Also, the Federal Government is to halt all forms of funding for projects and other purposes of the firm, compared to what was obtainable in the 45 years of the Nigerian National Petroleum Company before it transitioned to a limited liability company.
Since then, the oil company has been run as a limited company by a chief executive officer and his executive vice presidents.