The Nigerian National Petroleum Company Limited has compulsorily retired all management staff with less than 15 months to statutory retirement.

The announcement was made on Tuesday morning, on the company’s X (formerly Twitter account) with the company stating that the move was necessary to “support its business objectives.”

“In our bid to pursue effective organisational renewal to support the delivery of our strategic business objectives, it has become imperative to rejuvenate our workforce.

“Consequently, in addition to the recent exit of three Executive Vice Presidents, other management staff with less than 15 months to statutory retirement will be exiting the company effective September 19, 2023.” The statement read

The retirement is effective immediately and affects all management staff, regardless of their position.

The NNPC has also carried out employee reorganisations in its top management cadre, moving some senior officials to other arms of its ventures such as the Nigeria Liquefied Natural Gas Limited and Nigeria Petroleum Development Company, among others.

On Sunday, the NNPC announced the appointments of three new Executive Vice Presidents as part of the ongoing shake-up in the multi-billion dollar national company.

The move comes as the NNPC transitions fully into a commercial entity, becoming the Nigerian National Petroleum Company Limited.

The official transition into a private entity means that the oil company is now being regulated in line with the provisions of the Companies and Allied Matters Act.