From Uche Usim, Abuja
A major shake-up has occurred at the Nigerian National Petroleum Company Limited (NNPCL) which has led to the compulsory retirement of three Executive Vice Presidents and their replacements announced.
They are Abdulkabir Ahmed (Gas, Power and New Energies), Engr Adokiye Tombomieye (Upstream) and Adeyemi Adetunji (Downstream). The trio has been replaced with Olalekan Ogunleye (EVP Gas, Power and New Energies), who takes over from Ahmed who had served the company in various capacities before his retirement.
Oritsemeyiwa Eyesan, who until his new appointment was the Chief Strategy and Sustainability Officer, is now in charge of Upstream while Adedapo Segun is the Executive Vice-President, Downstream.
These former EVPs were due to retire in 2024 but their disengagement was fast-tracked to pave way for the injection of younger forces as the national oil company consolidates on its transition to a limited liability company, in line with the dictates of the Petroleum Industry Act (PIA).
Sources at the national oil company told Daily Sun that the sweeping changes would ultimately reposition it for higher growth, greater efficiency and global competitiveness.
NNPC mutated into NNPCL in 2021 having completed the incorporation at the Corporate Affairs Commission as enshrined in the Petroleum Industry Act 2021.
Former President Muhammadu Buhari had on August 16, 2021, signed the Petroleum Industry Bill following its passage by the National Assembly in July 2021.
Following its incorporation, NNPCL was floated with an initial capital of N200 billion, the highest share capital by any government company in the country.