NNPC COOs Sing Performance Bonds

Chineme Okafor in Abuja

Five Chief Operating Officers (COOs) one the various Autonomous Business Units (ABUs) of the Nigerian National Petroleum Corporation (NNPC), have signed performance agreements on which their efficiency and that of their units will be measured going forward.

The performance bond, NNPC said would advance its objective of turning its various operations into profitability.
It also said it would apply to its activities in upstream oil and gas, downstream, refineries, gas and power, as well as its other auxiliary units like ventures autonomous business units, finance and accounts and corporate services.

A statement from the Group General Manager, Group Public Affairs Division of NNPC, Mr. Ndu Ughamadu, yesterday in Abuja, stated that the initiative was taken by the Group Managing Director of NNPC, Dr. Maikanti Baru, as part of plans to transit NNPC into a commercially focused and profitable business organisation.

The statement noted that the performance bond, tagged: ‘Corporate Scorecard Key Performance Indicators (KPIs)’, constituted key deliverables expected from the ABUs and COOs for the year 2017.

According to it, it also included the key business objectives that each of the units would pursue and are expected to achieve. The COOs, it added signed the bonds after a two-day top management retreat in Abuja.

Baru, explained that the initiative was NNPC’s way of setting up a system for measuring performance, adding that with it, the corporation will drive every of its units and staff to achieve its overall strategic business goals.
He also stated that they would be the benchmark against which the performance of each of the ABUs would be evaluated at the end of the year.

“These key performance indicators will be the basis for evaluating each ABUs’ performance. These KPIs are expected to be cascaded down to the individual business units by the COOs and down to individual staff by the respective Managing Directors and Executive Directors of the Strategic Business Units (SBUs).

“At the end of the day, we are going to add up the various inputs from individual staff, up to the SBU, to arrive at the performance of each ABU by the end of the year,” Baru explained.

He further stated that subsequently, the extent of the achievement of the KPIs by each of the ABUs would be used to determine how much of the 13th month bonus the staff of each ABUs will enjoy at the end of the year.
On the objective of the retreat, Baru said it was organised to review the report of the committees set up to align the implementation of NNPC’s 12 Business Focus Areas (BUFA) with the ‘20-fixes’ he developed, as well as to review recent management policies and performance of the corporation in the first quarter of 2017.

He thus charged members of the top management to brace up for challenges ahead of their ABUs with a view to rising above them to position the corporation for profit.