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.