With less than 15 months until statutory retirement, the Nigerian National Petroleum Company Limited forced all management workers into retirement.
The corporation stated in an early Tuesday morning announcement that the affected employees’ retirement was effective immediately and emphasised that the decision would promote its corporate goals.
The national oil company made this announcement via its official X (previously Twitter) account, saying, “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.”
It was also learned that the company reorganised its top management cadre’s workforce, shifting several senior executives to various subsidiaries, including the Nigeria Liquefied Natural Gas Limited and the Nigeria Petroleum Development Company.
The oil corporation stated on Sunday that three new Executive Vice Presidents had been appointed as part of the continuing restructuring of the multi-billion dollar national company.
Oritsemeyiwa Eyesan, Olalekan Ogunleye, and Adedapo Segun were named as the new executive vice presidents of upstream, downstream, gas, power, and new energy, respectively.
The announcement, which was posted on the company’s X (formerly Twitter) handle early Sunday, stated that the appointment of the new EVPs was with immediate effect.
“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 firm stated, before outlining the earlier stated names/designations.
As a result, the three former executive vice presidents of the company—Adeeyemi Adetunji, for downstream, Adokiye Tombomieye, for upstream, and Abdulkabir Ahmed, for gas, power, and new energies—are forced into retirement.
Nigerian National Petroleum Company Limited, formerly known as Nigerian National Petroleum Corporation, underwent a complete transformation into a commercial organisation in July of last year.
Since the oil firm has officially become a private entity, it is now subject to the Companies and Allied Matters Act’s regulations.
Therefore, the company’s group chief financial officer is anticipated to take on extra responsibilities for maintaining the group’s liquidity as well as the effective distribution of cash to its businesses based on profits and commercial relationships.
In addition, the Federal Government would no longer provide any finance for the business’s projects or other uses, in contrast to what was possible during the 45 years the NNPC existed before it became a limited liability company.
The oil company has since been operating as a limited company, run by a chief executive officer and his executive vice presidents.
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