The Nigerian National Petroleum Company Limited in line with its status as a Company and Allied Matters Act Company has executed the retirement of three Executive Vice Presidents that would have been due for retirement in 2024.
Those affected by the retirement are the Executive Vice President, Gas, Power and New Energies Abdulkabir Ahmed; Executive Vice President Upstream, Engr. Adokiye Tombomieye; and Executive Vice President, Downstream Adeyemi Adetunji.
Following the decision to retire the three EVPs, the NNPCL has also announced their replacement with Olalekan Ogunleye now appointed as the EVP Gas, Power and New Energies. He is to replace Ahmed who had served the company in various capacity before the retirement.
Also, EVP Upstream Tombomieye is to be replaced by Oritsemeyiwa Eyesan who before now is the Chief Strategy and Sustainability Officer.
Eyesan who led the commercial negotiation
and superintended over the Joint Entitlement Models for
managing the renewed PSCs in OMLs 133, 138, 125, 132, 128 & 132 would now take charge as the EVP in charge of upstream.
For the EVP Downstream Adetunji, he would be replaced by Adedapo Segun.
The new appointment is part of the progress being made in the ongoing reforms of the NNPC Ltd as well as enable the National Oil Company further position itself for global competitiveness.
The move will also enable the NNPC establish continuity of leadership in critical businesses; uplift younger people to positions of authority.
Findings further revealed that the move was critical as it would assist NNPC in benefiting from international best practices while consolidating it’s position as an international oil company.
It was learnt that through the appointments, the NNPC would also be promoting inclusion of women into business leadership and shrink the organization to nimble size and effectiveness.
The Corporate Affairs Commission had on September 21 2021, completed the incorporation of the NNPC Ltd in accordance with the provisions of the Petroleum Industry Act 2021.
The PIA was signed into law by former President Muhammadu Buhari on 16th August, 2021, following its passage by the National Assembly in July of the same year.
With the registration by the CAC, the NNPC Ltd was floated with an initial capital of N200bn making history as the company with the highest share capital in the country.
Between when the PIA was signed into law in August last year and now, the management of the NNPC has taken proactive steps to transform the Company in line with global best practices.
This scheme of retirement affected other senior management staff who are due for retirement in 2024.