The Nigerian National Petroleum Company Limited has announced the compulsory retirement of all management staff who have less than 15 months left until their statutory retirement. The company made this announcement on an early Tuesday morning via its official communication channel, X (formerly Twitter), stating that the retirement of these employees will take immediate effect. This move is in alignment with the company’s business objectives and its commitment to rejuvenating its workforce in pursuit of effective organizational renewal.
The national oil firm emphasized its dedication to enhancing NNPC Ltd.’s capabilities through targeted talent management and equal opportunities for all Nigerians. In addition to this retirement announcement, the company has also reorganized its top management cadre, relocating some senior officials to other subsidiaries, such as the Nigeria Liquefied Natural Gas Limited and Nigeria Petroleum Development Company.
Previously, the company had appointed three new Executive Vice Presidents as part of an ongoing restructuring effort. Oritsemeyiwa Eyesan became the new Executive Vice President of Upstream, Olalekan Ogunleye assumed the role of Executive Vice President of Gas, Power, and New Energy, and Adedapo Segun was appointed as Executive Vice President of Downstream. These appointments took immediate effect and coincided with the compulsory retirement of the company’s former Executive Vice Presidents, including Abdulkabir Ahmed (Gas, Power, and New Energies), Adokiye Tombomieye (Upstream), and Adeyemi Adetunji (Downstream).
Last year, the national oil firm underwent a full transformation into a commercial entity, changing its name to the Nigerian National Petroleum Company Limited. This transition made the company subject to the regulations outlined in the Companies and Allied Matters Act. Consequently, the Group Chief Finance Officer of the firm now holds the additional responsibilities of ensuring the group’s liquidity and efficiently allocating capital to its businesses based on returns and business relationships.
Furthermore, the Federal Government has ceased all forms of funding for projects and miscellaneous purposes of the company, in contrast to the 45 years of funding it received as the Nigerian National Petroleum Corporation before its transition into a limited liability company. The oil company now operates as a limited company, led by a chief executive officer and executive vice presidents.
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