The Nigerian National Petroleum Company Limited (NNPC) has taken decisive action by mandating the compulsory retirement of all management-level employees who have less than 15 months remaining until their statutory retirement age.
This announcement came in the early hours of Tuesday, delivered via the company’s official X (formerly Twitter) handle. NNPC stated, “In our bid to pursue effective organisational 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.
“This is in line with our commitment to scale up NNPC Ltd.’s capabilities through targeted talent management and equal opportunity for all Nigerians.”
Additionally, reports indicate that the company undertook restructuring within its upper echelons of management, reassigning several senior executives to different divisions of its business ventures, including the Nigeria Liquefied Natural Gas Limited and the Nigeria Petroleum Development Company, among others.
Over the weekend, the oil giant also made headlines by unveiling the appointment of three new Executive Vice Presidents, marking a significant development amid the ongoing transformation within this multi-billion dollar national corporation.
The company announced the immediate appointments of its new Executive Vice Presidents via its official X (formerly Twitter) account early on Sunday. The newly named executives are as follows: Oritsemeyiwa Eyesan, who assumes the role of Executive Vice President for Upstream; Olalekan Ogunleye, appointed as Executive Vice President for Gas, Power, and New Energy; and Adedapo Segun, taking on the role of Executive Vice President for Downstream.
“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 company wishes to announce the following executive appointments with immediate effect,” the company clarified this information by elaborating on the previously mentioned names and positions.
This development has resulted in the mandatory retirement of the former Executive Vice Presidents, namely Abdulkabir Ahmed (formerly in charge of Gas, Power, and New Energies), Adokiye Tombomieye (formerly overseeing Upstream), and Adeyemi Adetunji (formerly responsible for Downstream).
In July of the preceding year, the national oil corporation, formerly known as the Nigerian National Petroleum Corporation, completed its transformation into a fully commercial entity, officially becoming the Nigerian National Petroleum Company Limited. This shift in status subjected the oil company to regulatory oversight in accordance with the provisions of the Companies and Allied Matters Act.
Don’t miss out on: No Plan To Increase Pump Price – NNPCL
As a consequence of this change, the Group Chief Finance Officer of the firm now carries the added responsibility of ensuring the group’s liquidity and effectively allocating capital to its various business endeavors based on returns and business relationships.
Furthermore, the Federal Government has ceased all forms of funding for the company’s projects and miscellaneous purposes, marking a departure from the financial support provided during the 45 years of the NNPC’s existence prior to its transition into a limited liability company.
In its current state, the oil company operates as a limited company, led by a chief executive officer and a team of executive vice presidents.