The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr Maikanti Baru, on Thursday directed the Corporation’s Chief Operating Officers (COO) to sign performance bonds.
The performance bond, tagged: “Corporate Scorecard Key Performance Indicators (KPIs)”, constitutes the key deliverables for the Upstream, Downstream, Refineries, Gas & Power, and Ventures Autonomous Business Units and the Finance & Accounts and Corporate Services Directorates for 2017, serving as key business objectives that each of the units would pursue and is expected to achieve.
The signing of the performance bond took place at the end of a 2-day Top Management Retreat and Performance Dialogue which ended today in Abuja.
The NNPC Group General Manager, Group Public Affairs Division, Mr Ndu Ughamadu, said in a statement released in Abuja that those that took part in the exercise included the COOs of the five Autonomous Business Units and two Directorates within the corporation.
He also said the exercise is a part of the transformation into a commercially focused and profitable business organization that is being taken a notch higher with the signing of a performance bond by the executives.
Dr Baru said it was the corporation’s way of setting up a system for measuring performance with a view to driving every unit and every staff of the corporation towards achieving strategic business goals.
The bonds form a benchmark against which the performance of each of the Autonomous Business Units will be evaluated at the end of the year.
He charged members of the Top Management to brace up for challenges ahead with a view to rising above them to position the corporation for profit.
He said subsequently, the extent of the achievement of the KPIs by each of the Autonomous Business Units would be used to determine how much of the 13th month bonus the staff of each ABU will enjoy at the end of the year.