The Nigerian National Petroleum Company Limited (NNPCL) on Tuesday announced compulsory retirement for all its management staff with less than fifteen months to statutory retirement.
The NNPCL said in a statement signed by its management on Tuesday that the staff with less than fifteen (15) months to statutory retirement will be exiting the company effective 19 September 2023.
The company said this is in a bid to pursue its effective organisational renewal to support the delivery of its strategic business objectives.
“In our bid to pursue effective organisational 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 is in line with our commitment to scale up NNPC Ltd.’s capabilities through targeted talent management and equal opportunity for all Nigerians,” the statement said.
The NNPCL had on Saturday announced management changes and appointed new executive vice presidents for its upstream, downstream, gas and power operations.
The company said this is in line with its commitment and drive for organisational renewal, anchored on its business imperatives and capabilities through broad-based leadership exposures.
According to the company, the new appointment is part of the reforms to enable the company to further position itself for global competitiveness.
In February, the NNPCL took over the assets of the nation’s oil company (NNPC) after 46 years of its operations as a corporation.
The company took over after attaining legal requirements within the stipulated 18 months in line with section 54 (3) of the Petroleum Industry Act (PIA) 2021 and the corporation transitioned into a company whose operations will be regulated by the Companies and Allied Matters Act (CAMA).
Former President Muhammadu Buhari had in July 2022 unveiled the new Nigerian National Petroleum Company Limited, a landmark development that officially changed the oil firm from a wholly state-run entity to a commercial oil company, limited by shares.
The legal transition, based on the new Petroleum Industry Act, took effect on 1 July. The NNPC completed its incorporation in September 2021 weeks after the PIA was signed into law by Mr Buhari.
The NNPC Limited was then floated with an initial capital of N200 billion making history as the company with the highest share capital in the country.
The company subsequently became a commercially oriented and profit-driven national petroleum company to be independent of the government, although government bodies remain its shareholders.
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