Kano, Nigeria — The Nigerian National Petroleum Company Limited (NNPC) has made a significant move by compulsorily retiring all management staff members with less than 15 months remaining until their statutory retirement. The decision, announced via the company's official social media platform, aims to rejuvenate the workforce and align it with the organization's strategic business objectives.
The NNPC 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."
This move is in line with the NNPC's commitment to enhancing its capabilities through targeted talent management and ensuring equal opportunities for all Nigerians.
Additionally, the NNPC has undertaken employee reorganizations within its top management cadre. Some senior officials have been reassigned to other arms of the organization, including the Nigeria Liquefied Natural Gas Limited and Nigeria Petroleum Development Company, as part of ongoing restructuring efforts.
Earlier this week, the NNPC also announced the appointment of three new Executive Vice Presidents, marking further changes in the company's leadership structure. The new EVPs are Oritsemeyiwa Eyesan (Upstream), Olalekan Ogunleye (Gas, Power, and New Energy), and Adedapo Segun (Downstream). These appointments took effect immediately, leading to the compulsory retirement of the three former Executive Vice Presidents: Abdulkabir Ahmed (Gas, Power, and New Energies), Adokiye Tombomieye (Upstream), and Adeyemi Adetunji (Downstream).
The transformation of the NNPC into the Nigerian National Petroleum Company Limited in July last year marked a significant shift, as it transitioned into a fully commercial entity, governed by the provisions of the Companies and Allied Matters Act. This transition also resulted in changes in funding mechanisms and corporate governance, with the Group Chief Finance Officer playing a crucial role in ensuring liquidity and efficient capital allocation.
Furthermore, the Federal Government reduced its funding for NNPC projects and purposes compared to the previous 45 years when the organization operated as the Nigerian National Petroleum Corporation. The NNPC now operates as a limited liability company, led by a CEO and Executive Vice Presidents, in line with its new commercial status
