Nigerian National Oil Company (NNPCLimited) announced Tuesday that it has no plans to lay off workers as a result of its recent transition.
NNPC Limited had this to say in a statement from GarbaDeen Muhammad, the group general manager, the company’s group public affairs division.
The development came amid reports that the company had offered a voluntary retirement exit package to some ‘500’ employees as it became a private energy company.
NNPCLimited in a statement on Tuesday said: “NNPC Limited does not have or plan to lay off a single staff as a result of its recent transition from Nigerian National Petroleum Corporation (NNPC) to NNPCLimited.
“The Petroleum Industry Act (PIA) of 2021 is very clear that no staff member will lose their job or earn less than they did 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 company from a wholly state-owned entity to a commercial oil company, limited by shares.
ALSO READ: NNPC Limited to reveal its new asset base soon – Mele Kyari
“We are transforming our oil industry to strengthen growth today, July 19, 2022. NNPC Limited will now operate as a commercial oil company with more than 200 million shareholders with integrity and excellence,” Buhari said at the event.
The new entity is expected to become a commercial, profit-driven national oil company, independent of the government, although government agencies remain its shareholders. It will be audited annually. It is also expected to be managed as a private energy company.