Restructuring: NNPC Ltd retires management staff

The Nigerian National Petroleum Company Limited (NNPC Ltd.) says its Management Staff with less than 15 months to statutory retirement will be exiting the company effective Sept. 19, 2023.

The company made this known on Tuesday on its official X handle formerly known as Twitter.

According to the NNPC Ltd., the move is in a bid to pursue effective organisational renewal to support the delivery of its strategic business objectives, as it has become imperative to rejuvenate its workforce.

The statement posted on the company’s X page reads “Consequently, in addition to the recent exit of three Executive Vice Presidents, other management staff with less than fifteen (15) months to statutory retirement will be exiting the company effective Sept. 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 said.

It would be recalled that NNPC Ltd. had on Sunday announced the appointments of three new Executive Vice Presidents, as well as outlined their various designations.

They are Oritsemeyiwa Eyesan, who is now the new Executive Vice President, Upstream; Olalekan Ogunleye, takes over as Executive Vice President, Gas, Power, and New Energy; and Adedapo Segun, Executive Vice President, Downstream.

The announcement of the appointments of the three Executive Vice Presidents, which was posted on the company’s X (formerly Twitter) handle early on Sunday, stated that their appointments were with immediate effect.

This development led 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.

It was reported that the national oil company, formerly known as Nigerian National Petroleum Corporation, transited fully into a commercial entity in July 2022 to become the Nigerian National Petroleum Company Limited.

The official transitioning 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.