The Nigerian National Petroleum Company Limited has compulsorily retired all management staff with less than 15 months to statutory retirement.
In an early Tuesday morning announcement, the company declared that the retirement of the affected workers was with immediate effect, stressing that the move would support its business objectives.
The national oil firm disclosed this via its official X (formerly Twitter) handle, as it said, “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 further gathered that the firm also carried out employee reorganisations in its top management cadre, moving some senior officials to other arms of its ventures such as the Nigeria Liquefied Natural Gas Limited, and Nigeria Petroleum Development Company, among others.
On Sunday, the oil firm announced the appointments of three new Executive Vice Presidents as part of the ongoing shake-up in the multi-billion dollar national company.
It named Oritsemeyiwa Eyesan as the new Executive Vice President, of Upstream; Olalekan Ogunleye, Executive Vice President, of Gas, Power, and New Energy; and Adedapo Segun as Executive Vice President, of Downstream.
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.
This leads to the compulsory retirement of the company’s three former Executive Vice Presidents, including Abdulkabir Ahmed, Gas, Power and New Energies; Adokiye Tombomieye, Upstream; and Adeyemi Adetunji, Downstream.
In July last year, the national oil firm, formerly known as Nigerian National Petroleum Corporation, transformed fully into a commercial entity, becoming the Nigerian National Petroleum Company Limited.
The official transition into a private entity means that the oil company is now being regulated in line with the provisions of the Companies and Allied Matters Act.
The Group Chief Finance Officer of the firm is therefore expected to bear additional tasks of ensuring the liquidity of the group as well as the efficient allocation of capital to its businesses based on returns and business relations.
Also, the Federal Government is to halt all forms of funding for projects and sundry purposes of the firm, compared to what was obtainable in 45 years of the NNPC before it transitioned to 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.