The Nigerian National Petroleum Company Limited (NNPC) has announced the compulsory retirement of all management staff who have less than 15 months left until their statutory retirement. This move, effective immediately, is part of NNPC’s efforts to support its business objectives through organizational renewal.
The announcement was made via NNPC’s official communication channel, where they stated, “In our bid to pursue effective organizational renewal to support the delivery of our strategic business objectives, it has become imperative to rejuvenate our workforce. Consequently, in addition to the recent exit of three Executive Vice Presidents, other management staff with less than 15 months to statutory retirement will be exiting the company effective September 19, 2023.”
NNPC emphasized its commitment to enhancing its capabilities through targeted talent management and ensuring equal opportunities for all Nigerians.
Additionally, NNPC has undertaken employee reorganizations within its top management cadre, reassigning some senior officials to other divisions, including the Nigeria Liquefied Natural Gas Limited and Nigeria Petroleum Development Company.
This announcement follows NNPC’s recent appointment of three new Executive Vice Presidents in a company-wide shake-up. The newly appointed EVPs are Oritsemeyiwa Eyesan (Upstream), Olalekan Ogunleye (Gas, Power, and New Energy), and Adedapo Segun (Downstream). Their appointments are effective immediately.
These changes also led to the compulsory retirement of the company’s previous Executive Vice Presidents, including Abdulkabir Ahmed (Gas, Power, and New Energies), Adokiye Tombomieye (Upstream), and Adeyemi Adetunji (Downstream).
In July of the previous year, NNPC transformed into the Nigerian National Petroleum Company Limited, becoming a fully commercial entity governed by the provisions of the Companies and Allied Matters Act. As a result, the company’s Group Chief Finance Officer now bears additional responsibilities, including ensuring group liquidity and efficient capital allocation based on returns and business relationships.
Furthermore, the Federal Government has ceased funding NNPC for projects and other purposes, in contrast to the 45 years before the company’s transition to a limited liability entity. NNPC currently operates as a limited company under the leadership of a Chief Executive Officer and Executive Vice Presidents.
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