NNPCL Enacts Statutory Retirement Plan for Management Staff with less than 15 months

The Nigerian National Petroleum Company Limited (NNPCL) has revealed that all management staff with less than fifteen months to statutory retirement will be leaving the organisation as of September 19, 2023, in a recent announcement.
This move comes as part of NNPCL’s efforts to revamp its workforce to align with strategic business goals.
The official statement, dated September 18, was signed by the company’s management, stating, “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 (3) Executive Vice Presidents, other Management Staff with less than fifteen (15) months to statutory retirement will be exiting the Company effective 19th September 2023.
This announcement follows a strategic move made by NNPCL on September 17, 2023, when new Executive Vice Presidents were appointed to lead critical sectors.
Oritsemeyiwa A. Eyesan was appointed as the Executive Vice President for the Upstream sector, Olalekan Ogunleye for Gas, Power, and New Energy, and Adedapo A. Segun for the Downstream sector.
These changes are in response to recommendations made by the Energy and Natural Resources sub-committee of the Bola Ahmed Tinubu Advisory Council in June 2023.
The sub-committee, dedicated to initiating vital reforms in the energy sector, set a strict timeline for the new administration to identify competent and reform-driven leaders within NNPCL.
The primary goal is to ensure that the company operates as a commercial entity, contributing taxes and profits to the Federation Account in line with the Petroleum Industry Act (PIA).
Beyond executive appointments, the sub-committee emphasized the need to realign NNPCL by divesting it of policymaking roles and advocating for the strategic sale of certain assets.
These comprehensive recommendations aim to strengthen NNPCL, align it with statutory mandates, and make it a more efficient and profit-oriented entity.
The sub-committee’s vision also includes generating a substantial $17.4 billion through well-structured NNPCL sell-downs.
This strategy involves strategically selling down interests in joint ventures to a minority position, streamlining operations, and fostering financial efficiency.
Additionally, the committee supports the prudent divestment of interests in refineries while promoting the development of a robust Nigeria Liquefied Natural Gas (NLNG) operating model.
These strategies, meticulously planned, are poised to reshape NNPCL’s financial structure, injecting agility and a more lucrative trajectory.
The $17.4 billion represents a significant injection of funds that can potentially steer NNPCL toward a more profitable and resilient future.
This transformation is expected to contribute positively to the energy landscape and drive Nigeria towards a more accountable and prosperous future.

Source: allnewsng.com

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