NNPC Limited: No plans to lay off staff, we’re bound by PIA Act

No plans to lay-off staff - NNPC Limited

The Nigerian National Petroleum Company, (NNPC) Limited, has dismissed reports that the company is planning to lay-off staff following its recent transition to a limited liability company.

Garba Deen Muhammad, NNPC spokesperson, made this known in a statement on Tuesday.

According to Muhammad, NNPC is not planning to lay-off a single staff adding that “the Petroleum Industry Act (PIA) is very clear that no staff will lose his/her job or earn less than what they earn before the transition.”

After 45 years of its creation, President Muhammadu Buhari had last week unveiled a new NNPC Limited.

The official unveiling came weeks after the corporation transitioned into a company whose operations will be regulated by the Companies and Allied Matters Act (CAMA). The legal transition, based on the PIA Act, took effect July 1.

The NNPC completed its incorporation in September last year weeks after the the PIA was signed into law by President Muhammadu Buhari.

The NNPC Limited was then floated with an initial capital of N200 billion making history as the company with the highest share capital in the country.

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.

The post NNPC Limited: No plans to lay off staff, we’re bound by PIA Act appeared first on The Witness Newspaper.

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