NNPCL names new leaders, announces management changes

On Saturday, the Nigerian National Petroleum Company Limited (NNPCL) announced management changes and named new executive vice presidents for its upstream, downstream, gas, and power businesses.

The appointments are effective right away, according to a statement released by the NNPCL on Saturday night and signed by its chief corporate communications officer, Garba Deen Muhammad.

The business said that this is consistent with its commitment to and push for organizational renewal, which is grounded on its business imperatives and competencies through broad-based leadership exposures.

The statement reads: “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.

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“Oritsemeyiwa A. Eyesan, Executive Vice President, Upstream; Olalekan Ogunleye, Executive Vice President, Gas, Power, and New Energy; and Adedapo A. Segun, Executive Vice President, Downstream.”

The new hire, according to the corporation, is a component of the reforms that would allow it to better position itself for global competitiveness.

After 46 years of corporate operations, the NNPCL acquired the assets of the National Oil Company (NNPC) in February.

According to section 54(3) of the Petroleum Industry Act (PIA) 2021, the corporation changed into a company whose operations would be governed by the Companies and Allied Matters Act (CAMA) once the company assumed control after meeting all legal conditions within the allotted 18-month period.

Former President Muhammadu Buhari had officially transformed the oil corporation from a totally state-run institution to a commercial oil company, limited by shares, by unveiling the new Nigerian National Petroleum corporation Limited in July 2022.

The new Petroleum Industry Act served as the foundation for the legal transition, which began on July 1. Weeks after Mr. Buhari signed the PIA into law, the NNPC finished the process of incorporation in September 2021.

Then, with an initial capitalization of N200 billion, The NNPC Limited was floated, becoming record-breaking as the corporation with the greatest share capital in the nation.

With the intention of being independent from the government, the firm then transformed into a commercially focused and profit-driven national petroleum company, even if the government entities continue to be its owners.

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