The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced the compulsory retirement of all management staff members with less than 15 months left to statutory retirement. The move is part of the company’s efforts to rejuvenate its workforce and support its strategic business objectives.
In a statement released via its official communication channels, NNPC Ltd. explained the rationale behind this decision. The company stated, “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 Executive Vice Presidents, other management staff with less than 15 months to statutory retirement will be exiting the company effective September 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.”
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This announcement follows the recent appointment of three new Executive Vice Presidents, signaling a broader shake-up within the organization. The newly appointed EVPs are Oritsemeyiwa Eyesan (Executive Vice President, Upstream), Olalekan Ogunleye (Executive Vice President, Gas, Power, and New Energy), and Adedapo Segun (Executive Vice President, Downstream).
As part of the restructuring efforts, NNPC Ltd. has also implemented employee reorganizations within its top management cadre. Some senior officials have been reassigned to other divisions of the company, including the Nigeria Liquefied Natural Gas Limited and the Nigeria Petroleum Development Company.
This strategic restructuring aims to enhance the company’s performance, drive organizational renewal, and strengthen its capabilities. NNPC Ltd. has transitioned into a fully commercial entity, operating as the Nigerian National Petroleum Company Limited, and is now subject to regulations under the Companies and Allied Matters Act. Additionally, the company is focused on improving liquidity, efficient capital allocation, and business excellence under the leadership of a CEO and executive vice presidents.
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The Nigerian government has also ceased funding NNPC Ltd.’s projects and other purposes, marking a significant shift from the previous 45 years when the organization operated as the Nigerian National Petroleum Corporation. This transition underscores the company’s commitment to adapt to changing market dynamics and drive growth in Nigeria’s petroleum industry.
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