ADVERTISEMENT
  • Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Wednesday, September 17, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
    • All
    • Athletics
    • Basketball
    • Boxing
    • Esports
    • Football
    • Olympics
    • Paralympics
    • Tennis

    Nigeria Seeks To Make History As First African Host Of Commonwealth Games

    I’m Fit To Shine In Scottish Premiership, Iheanacho Declares

    CHAN Eagles Star Ijoma Joins Bosnian Club On 3-year Deal

    Zenith Bank/NBBF Women’s Basketball League: First Bank Overcomes Bayelsa’s Challenge, Royal Aces Edge Air Warriors

  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • All
    • Athletics
    • Basketball
    • Boxing
    • Esports
    • Football
    • Olympics
    • Paralympics
    • Tennis

    Nigeria Seeks To Make History As First African Host Of Commonwealth Games

    I’m Fit To Shine In Scottish Premiership, Iheanacho Declares

    CHAN Eagles Star Ijoma Joins Bosnian Club On 3-year Deal

    Zenith Bank/NBBF Women’s Basketball League: First Bank Overcomes Bayelsa’s Challenge, Royal Aces Edge Air Warriors

  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

BREAKING: NNPCL Sacks All Mgt Staff With Less Than 15 Months To Retirement

by Nse Anthony - Uko
2 years ago
in Business
Nnpcl
Share on WhatsAppShare on FacebookShare on XTelegram

The Nigerian National Petroleum Company Limited (NNPCL) has sent all management staff with less than 15 months to statutory retirement on compulsory early retirement.

Advertisement

 

A statement signed by management the oil company on Monday, September 18, 2023 and posted on its X handle (formerly Twitter) early Tuesday morning stated that the early retirement takes immediate immediate effect from Tuesday, September 19, 2023.

 

It added that the decision became imperative in order to pursue effective organisational renewal to support the delivery of NNPCL’s strategic business objectives.

Related News

All Federal Airports Fully Insured, Runways Under Overhaul — FAAN

4 hours ago

Federal Government Unveils $3.14bn Agric Investment Scheme With FAO

4 hours ago

 

“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.

 

It wrote: “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.”

 

LEADERSHIP recalls that a couple of days ago on September 17, 2023, NNPCL announced the appointments new Executive Vice Presidents to spearhead critical sections of the company.

 

Oritsemeyiwa A. Eyesan was appointed Executive Vice President for the Upstream sector, Olalekan Ogunleye for Gas, Power, and New Energy, and Adedapo A. Segun for the Downstream sector.

 

“In line with NNPC Ltd.’s commitment and drive for organisational renewal, anchored on our business imperatives, standards of excellence, people development, and strengthening our competencies and capabilities through broad-based leadership exposures, the company wishes to announce the following executive appointments with immediate effect,” the firm stated, before outlining the earlier stated names/designations.

 

This strategic restructuring is a result of pivotal recommendations put forth by the Energy and Natural Resources sub-committee of President Bola Ahmed Tinubu Advisory Council back in June 2023.

 

The sub-committee, committed to instigating vital reforms in the energy sector, set a stringent timeline of 0 to 100 days for the new administration to meticulously head-hunt competent, seasoned, and reform-driven leaders within the NNPCL.

 

The primary aim is to ensure that the company functions as a commercial entity in strict accordance with the provisions of the Petroleum Industry Act (PIA), effectively contributing taxes and profits to the Federation Account.

 

Beyond executive appointments, the sub-committee underscored the urgency to realign NNPCL by divesting it of policymaking roles and advocating for the strategic sale of certain assets.

 

These comprehensive recommendations reflect a resolute effort to fortify the NNPCL, facilitating its alignment with statutory mandates and transforming it into a more efficient and profit-oriented entity.

 

According to the NNPCL, the developments within the company stand as a beacon of change, poised to reshape the energy landscape and drive the nation towards a more accountable and prosperous future.

 

Note also that the sub-committee proposed a generation of a substantial $17.4 billion in funds, primarily through well-structured NNPCL sell-downs.

 

The committee’s vision entails strategically selling down interests in joint ventures to a minority position.

 

This approach is meticulously designed to streamline operations, introducing an operating model that eradicates the traditional cash call system, fostering financial efficiency and sustainability.

 

Furthermore, the committee advocated for a prudent divestment of interests in refineries while simultaneously advocating for the development of a robust Nigeria Liquefied Natural Gas (NLNG) operating model.

 

These twin strategies, meticulously planned, are poised to realign NNPCL’s financial structure, injecting agility and a more lucrative trajectory.

 

The sum of $17.4 billion represents a significant injection of funds that can potentially steer NNPCL towards a more profitable and resilient future.

 

In July last year, the national oil firm, formerly known as Nigerian National Petroleum Corporation, transited fully into a commercial entity, becoming 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 (CAMA), 2020.

 

The group chief finance officer of the firm is therefore expected to bear additional tasks of ensuring the liquidity of the group as well as the efficient allocation of capital to its businesses based on returns and business relations.

 

Also, the federal government is to halt all forms of funding for projects and sundry purposes of the firm, compared to what was obtainable in 45 years of the NNPC before it transitioned to a limited liability company.

 

The oil company has since been operating as a limited company, run by a group chief executive officer (GCEO) and his executive vice presidents.

Join Our WhatsApp Channel

SendShare10450Tweet6532Share

Other News Updates

Business

All Federal Airports Fully Insured, Runways Under Overhaul — FAAN

2025/09/17
Agriculture

Federal Government Unveils $3.14bn Agric Investment Scheme With FAO

2025/09/17
Business

Upstream Sector Attracts $18.2bn Investment, Unlocks 1.4bn Oil Barrels

2025/09/17
Business

CBN Enlightens Kano Residents About New Banking Initiatives

2025/09/17
Business

Rehoboth City Estate Unveils Wazobia, Smart Housing Project In Abuja

2025/09/17
Business

UBA Launches Whitepaper On ‘Unlocking Africa’s Potential’

2025/09/17
Leadership Conference advertisement

LATEST

JUST-IN: NECO Releases 2025 SSCE Results

Ondo Guber Poll: PDP’s Candidate Ajayi Withdraws Appeal From Supreme Court

‘We’re Not Recruiting, Disregard Fake Advertisement’, INEC Alerts Nigerians

MURIC Tackles Alaafin Over Claim On Appointment Of Chief Imam

Deji Adeyanju’s Law Firm Seeks Senate Intervention Over 200 Nigerians In Benin Republic Prisons

IGP Gives N46.9m Lifeline To Families Of Slain Policemen In Akwa Ibom

Iran Executes Man Accused Of Spying For Israel

Nigeria Secure Release Of 3 Pilgrims Arrested For Alleged Drug Trafficking In Saudi Arabia

Miyetti Allah Cautions Against Adoption Of Foreign Ranching Models

Why Ajaokuta Steel Company Will Never Work — Dangote

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.