The Nigerian National Petroleum Company Limited, on Sunday, announced the appointments of three new Executive Vice Presidents.
NNPCL appointed Oritsemeyiwa Eyesan as the new Executive Vice President, Upstream; Olalekan Ogunleye, Executive Vice President, Gas, Power, and New Energy; and Adedapo Segun as the Executive Vice President, Downstream.
The announcement, which was posted on the company’s X (formerly Twitter) handle early Sunday, stated that the appointment of the new EVPs was with immediate effect.
“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.
“Oritsemeyiwa A. Eyesan, Executive Vice President, Upstream; Olalekan Ogunleye, Executive Vice President, Gas, Power, and New Energy; Adedapo A. Segun, Executive Vice President, Downstream.” the firm stated
This led to the compulsory retirement of the company’s three former Executive Vice Presidents, including Abdulkabir Ahmed, Gas, Power and New Energies; Adokiye Tombomieye, Upstream; and Adeyemi Adetunji, Downstream.
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 transition into a private entity, despite its shares being held by the federal government, means that the oil company is now being regulated in line with the provisions of the Companies and Allied Matters Act.
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 chief executive officer and his executive vice presidents.