RESTRUCTURING AT NNPCL

Date:

The Nigerian National Petroleum Company Limited (NNPCL) has implemented a significant restructuring, mandating the compulsory retirement of all management staff with less than 15 months until statutory retirement.

This decision, announced on September 19, 2023, aims to bolster the company’s pursuit of strategic business goals. The move underscores NNPCL’s commitment toorganisational  rejuvenation, and the enhancement of its workforce capabilities, emphasizing equal opportunities for all Nigerians.

As part of thisorganisational  overhaul, three executive vice presidents also exited the company; making way for new appointments. Oritsemeyiwa Eyesan takes on the role of Executive Vice President for Upstream, Olalekan Ogunleye assumes responsibilities for Gas, Power, and New Energy, and Adedapo Segun becomes the Executive Vice President for Downstream, effective immediately.

This restructuring extended beyond retirements, as NNPCL undertook employee reorganisation within its top management echelons. Several senior officials were reassigned to different branches of the company’s ventures; including Nigeria Liquefied Natural Gas Limited and Nigeria Petroleum Development Company, among others.

This transformation comes in the wake of NNPCL’s complete transition from the Nigerian National Petroleum Corporation to a commercial entity; officially becoming the Nigerian National Petroleum Company Limited in July of the previous year. The shift signifies a shift to regulation in accordance with the provisions outlined in the Companies and Allied Matters Act.

In light of this transition, the Group Chief Finance Officer now bears the added responsibility of ensuring the liquidity of the group and efficiently allocating capital based on returns and business relationships.

Additionally, the Federal Government ceased all forms of funding for projects and miscellaneous purposes of the firm; a significant departure from the practices of the NNPC over the past 45 years.

Under the new operational structure, the oil company functions as a limited liability company, headed by a chief executive officer and a team of executive vice presidents. This shift marks a pivotal moment in the company’s evolution and its alignment with contemporary commercial practices.

 

 

 

 

 

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

FCCPC ORDERS MONITORING OF MARKET PRICES AMID NAIRA APPRECIATION

The Federal Competition and Consumer Protection Commission (FCCPC) has...

NEW AKWA IBOM POLICE PUBLIC RELATIONS OFFICER ASSUMES DUTY

The newly appointed Police Public Relations Officer (PPRO) for...

UEFA Champions League: Mbappe Stars As PSG Beat 10-man Barcelona

Luis Enrique returned to Barcelona to knock his former...

Tennis: Nadal Makes Triumphant Return At Barcelona Open

Rafael Nadal enjoyed a winning start at the Barcelona...