The Nigerian National Petroleum Company Limited enforces mandatory retirement for management staff with less than 15 months of statutory retirement.
In an announcement made early on Tuesday morning, the company stated that the retirement of the impacted employees would take place immediately. This decision, the company emphasized, aligns with its business objectives.
The national oil firm communicated this message through its verified X (formerly Twitter) account, stating, ‘As we strive for effective organizational renewal to bolster the achievement of our strategic business goals, it has become essential to revitalize 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, it was learned that the company implemented restructuring within its senior management ranks, reassigning several senior executives to various subsidiaries like the Nigeria Liquefied Natural Gas Limited and Nigeria Petroleum Development Company, among others.
Sources indicated that on Sunday, the oil company revealed the appointments of three new Executive Vice Presidents as a component of the ongoing reorganization in the multi-billion dollar national corporation.
Oritsemeyiwa Eyesan has been appointed as the new Executive Vice President for Upstream, Olalekan Ogunleye as the Executive Vice President for Gas, Power, and New Energy, and Adedapo Segun as the Executive Vice President for Downstream.
The company’s X (formerly Twitter) account posted the announcement early on Sunday, confirming that the appointment of the new Executive Vice President took effect immediately.
“In line with NNPC Ltd.’s commitment and drive for organizational 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 development necessitates the mandatory retirement of the company’s previous three Executive Vice Presidents: Abdulkabir Ahmed in charge of Gas, Power, and New Energies; Adokiye Tombomieye overseeing Upstream; and Adeyemi Adetunji heading Downstream.
In July of the previous year, the national oil firm, formerly known as the Nigerian National Petroleum Corporation, completed its transition into a fully commercial entity, adopting the name Nigerian National Petroleum Company Limited.
The official transition into a private entity means that the oil company is now subject to regulation under the provisions of the Companies and Allied Matters Act.
Consequently, the Group Chief Finance Officer of the firm will shoulder additional responsibilities, including ensuring the group’s liquidity and effectively allocating capital to its businesses based on returns and business relationships.
Furthermore, the Federal Government will discontinue all forms of funding for projects and other purposes of the firm, in contrast to the practices over the past 45 years of the NNPC before its conversion into a limited liability company.
The oil company has been operating as a limited company, led by a chief executive officer and executive vice presidents.