(Quick News Africa)- Maikanti Baru, Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), on Thursday signed a performance bond with Chief Operating Officers (COOs) of the corporation in a move aimed at transforming it into a more commercially focused and profitable business organization.The signing of the performance bond took place at the end of a two-day top management retreat and performance dialogue in Abuja.
Those who signed the bond include the COOs in charge of NNPC’s five Autonomous Business Units (ABUs) and two directorates, said Ndu Ughamadu, the corporation’s group general manager, group public affairs division, in a statement.
“The performance bond tagged “Corporate Scorecard Key Performance Indicators (KPIs)”, constitutes the key deliverables for the upstream, downstream, refineries, gas and power, ventures autonomous business units, as well as corporate services and the finance and accounts directorates for 2017, serving as key business objectives expected to be achieved by each of the units,” Baru noted.
He also 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 towards achieving strategic business goals.
According to the GMD, the KPIs form the benchmark against which the performance of each of the autonomous business units will be evaluated at the end of the year.
“These Key Performance Indicators (KPIs) will be the basis for evaluating each ABU’s performance and 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 confirmed that 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 that staff of each ABU will enjoy at the end of the year.
On the objective of the retreat, the GMD said it was organized to review the report of the committees set up to align the implementation of the 12 Business Focus Areas (BUFA) with the “20-Fixes,” and to review recent management policies as well as the performance of the NNPC in the first quarter of 2017.
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.
