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HomeCompany NewsNNPC LTD. plans downsizing, gives staff options of voluntary disengagement

NNPC LTD. plans downsizing, gives staff options of voluntary disengagement

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The Nigerian National Petroleum Company Limited (NNPCL) is said to have offered some of its willing staff the option of mouth-watering exit packages as part of measures to restructure the state-run oil giant.

Aftermath of the enactment of the Petroleum Industry Act (PIA), President Muhammadu Buhari last week unveiled the transformation of the NNPC Limited into a commercialized entity.

Recent reports have shown that the NNPC Limited is planning to let go of around 500 of its 7,000 workforce in its attempt to live up to the expectations under the reformation exercise.

Already, some of the workers of the company are said to have received the email which stipulates the details of the offer to voluntarily disengage from the service of the company

The report added that it would affect employees who have been officially confirmed or are unable to carry out their functions effectively and those who set to retire between 2022 and 2024.

Apart from what has been described as a “juicy package”, the report said those who are affected are said to be entitled to 50 per cent payment of their salaries until the time they are naturally expected to exit the company, both Thisday and TheCable quoting sources.

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However, it said some of the management staff of NNPC Limited affected — especially some of the general managers and group general managers — kicked against it.

Many of the country’s banks had in the past adopted such measures to downsize their workforce.

Also, one of the regulators in the capital market had recently offered some of its top staff similar offers in a bid to reduce its top-heavy management level and cut down on overhead.

Some staff of the NNPC Limited are, however, calling attention to the pledge by the  Group Chief Executive of the company, during the unveiling ceremony, when he had assured that none of the 7,000 workers would be sacked, emphasising that the Petroleum Industry Act (PIA) did not prescribe such a measure.

“We do not have a bloated workforce. Today, the company’s workers population is just 7,000. I believe with the expansion, we have a line of sight, we are going to hire more people to work for us,” Kyari had said.

“The law has also provided that no one is going to leave this company. Everybody’s work is preserved. Their benefits are preserved. So, no matter for concern for the workers of this company.”

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