NNPC Restructures, Names Five Vice Presidents For Different Operations
- The Nigerian National Petroleum Company Limited has released the names of its new vice presidents
- The company said that the move is in line with the plans to restructure the company following the Petroleum Industry Act (PIA)
- However, the list contains no names from the southeastern part of the country as the company pivots to a limited liability company
The Nigerian National Petroleum Company Limited (NNPC) has been restructured to accommodate five new presidents needed to drive the oil company's performance.
The Punch reported that the five persons, including executive directors, were named on Thursday in Abuja as new vice presidents.
Source: Twitter
Move meant to enhance company performance
The new move by the company is in line with the provisions of the petroleum Industry Act (PIA) passed into law in August last year by President Muhammadu Buhari.
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The NNPC completed its transition and incorporation as a limited liability company under the Companies and Allied Matter Act and was listed with an initial capital of N200 billion.
The Punch quoted a senior oil firm official saying there are now five vice presidents. The source said it is a form of restructuring to enhance performance and drive profitability.
Names and positions of new vice presidents
According to the source, the Group Executive Director of Upstream, Adokiye Tombomieye, has not become Executive President of Upstream.
Additionally, the Group Executive Director of Downstream, Adeyemi Adetunji, was named as Vice President of Downstream.
The oil company named Inuwa Danladi, Executive Vice President of Business Services. Oritsemeyiwa Eyesan assumed duty as Executive Vice President, Corporate Strategy and Sustainability.
And Executive Director of Gas and Power Abdulkadir Ahmed was named Executive Vice President, Gas, Power and New Energies.
The Executive Director of Gas and Power, Abdulkabir Ahmed, was also named Executive Vice President of Gas, Power and New Energies.
South East missing from list
The Minister of Petroleum Resources would ensure the registration of the NNPC Limited within six months of the enactment of the PIA, with the Minister of Finance having nominal shares in the company.
No name from the Southeast appeared in the new list of the newly appointed vice presidents.
Sources, however, confirmed that the list is not exhaustive and that amendments could be made in the future.
NNPC is now Nigeria’s biggest company by shares capital as it enters a new era after 44 years
Legit.ng reported that President Muhammdu Buhari will Tuesday, 19 July 2022, officially change the status of the Nigerian National Petroleum Company Limited (NNPC) to become a fully Limited Liability Company. NNPC's operations will now be fully compliant with the terms of the Companies and Allied Matters Act (CAMA) of 20.
This means that the general public can now buy and sell NNPC shares, but not yet.
NNPC, on the other hand, established an initial share capital of N200 billion when it was incorporated with the Corporate Affairs Commission.
Source: Legit.ng
