NNPC Limited says it has no plans to sack workers or reduce their salaries

Written by on July 27, 2022

Nigerian National Petroleum Company (NNPCLimited) announced Tuesday that it has no plan to lay off workers as a result of its recent transition.

The NNPC Limited said this in a statement by GarbaDeen Muhammad, the group general manager, group public affairs division of the company.

The development came amid reports that the company had offered a voluntary retirement exit package to about ‘500’ employees as it transited into a private energy enterprise.

NNPCLimited in a statement on Tuesday said: “NNPC limited has not and is not planning to lay off a single staff as a result of its recent transition from the Nigerian National Petroleum Corporation (NNPC) to NNPCLimited.

“The Petroleum Industry Act (PIA) 2021 is very clear that no staff will lose his/her job or earn less than what they earned before the transition.”

President Muhammadu Buhari had last week unveiled the new Nigerian National Petroleum Company Limited, a landmark event that officially changed the oil firm from a wholly state-run entity to a commercial oil company, limited by shares.

“We are transforming our petroleum industry to strengthen the growth today July 19 2022. NNPC Limited now will operate as a commercial oil company with over 200 million shareholders with integrity and excellence,” Mr Buhari said at the event.

The new entity is expected to become a commercially-oriented and profit-driven national petroleum company independent of government, although government bodies remain its shareholders. It will be audited annually. It is equally expected to be managed as a private energy enterprise.


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